These are the debts for which they can initiate a garnishment: what can I lose

by time news

2023-09-25 01:05:47
One of the great fears when requesting a loan from a bank or a lender is undoubtedly linked to the ability to be able to meet both monthly expenses and interest in the future.

Sometimes, a bad deal can lead the individual to be subject to a debt that, if not paid off in time, can complicate the economic situation of the person suffering from it and even take them to a context in which their assets are in danger.

Global investors: new paradigms in a turbulent decade

The right amount of water you should drink to lose weight

What are the most common debts?

Contracting a debt due to non-payment is a fact that is usually evident when a person requests a loan from a bank or a lender in search of purchasing a home or a car.

In these circumstances, the bank has the objective of recovering its investment, so, in the event of non-payment, it can initiate an embargo process.

This method is also carried out when the client owes money due to increasing credit card expenses; However, there must first be an order from a judge.

Mortgage and auto loans are two of the most common debts that can lead to foreclosure. Photo: archive

Other common loans

Mortgage-secured loans: refers to those in which the home serves as collateral, but is not necessarily used for the purchase of a house. Whoever takes the loan can use the equity accumulated in their home as support to acquire it.

: refers to those in which the home functions as a home, but is not necessarily intended for the purchase of one. Whoever takes the loan can use the equity accumulated in their home as support to acquire it. Loans secured by securities: investments, whether bonds or stocks, are used as collateral to request a loan.

Read more:  The Minister of Education announces the expansion of a second Infant line in the Rodríguez Aniceto de Arahal

What can be seized?

Reaching the stage of seizure implies that the economic context of the person who must face the debt is not favorable to prevent the entity from being able to claim what is due to it.

In that sense, the Federal Tax Code details some of the assets that institutions can keep as part of the seizure.

Shares, expired coupons, bonds, securities and credits immediately and easily collected.

securities and credits immediately and easily collected. Movable property.

Property.

Money, bank deposits, precious metals, associated savings or investment components.

To certify that collection methods do not harm third parties and are carried out responsibly, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) monitors banking entities.

They have a period of 90 days to comply with the obligations and adapt the service provision contracts with the collection offices.

#debts #initiate #garnishment #lose

You may also like

Leave a Comment