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About Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

You are here: Experts > Business > Corporate Law > Collections Law > seize land for credit card debt

Collections Law - seize land for credit card debt

Expert: Regan Shinski - 11/8/2009

Question
We owe $115,000- in credit card debt. We used our cards for an addition to our home. we planned to sell it to recoup the costs and then the market dropped. We have since moved and now are paying to mortgages and are not able to keep up with the 2 mortgages and credit debt. We are about to be sent to collections. In addition to our houses we have 3 pieces of land worth about $150,000. CAN THE CREDIT COMPANIES OR COURTS SEIZE OUR LAND?

Answer
Hi Nicole:

This is a state law issue so I cannot say for certain. I am only aware of real estate being able to be confiscated for tax and child or spousal support related debts. However, every state I have answered questions for allows LIENS to be placed on real estate. Sometimes states have exemptions but these are usually for primary residences. With these debt amounts I think you are at greater risk of this happening. If you do not want the liens you should consider talking to an attorney about your state laws for trusts or other legal efforts to get the property out of your name in a way that still protects your rights to access and control it. You should do this BEFORE any collection or court activity to avoid any appearance of fraud or hiding assets to avoid a judgement.

Good luck. I hope this information helps.

Regan
mbscompany@aim.com

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