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Credit card creditors threat to claim against principle residence?

I have received a notice from some law firm claiming to represent a major bank credit card I held, threatening to go after my `interest in` my principle residence if I don`t pay the balance (over $10K) in 10 days. Can they really touch my house?

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One Response to “Credit card creditors threat to claim against principle residence?”

Barton Goth GCO Bankruptcy Trustees said...

This depends on the province you live and the amount of equity in the home.

If the amount of equity exceeds the provincial exemption then any one of your unsecured creditors can place a lien on your house. To prevent this you must either make arrangemnets to pay tne creditor in question or alternatively contact a trustee in bankruptcy and have tehm explain how filing a bankruptcy or a proposal can protect some of your equity.