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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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can a credit card company seize my safe deposit box

Resolved Question:

can a credit card company seize my safe deposit box? i havent filed for bankruptcy but owe my credit card company about 20k. when i went to my safe deposit box they wouldnt allow me asking me to contact a phone number. Is this possible? What would i do? tell them what i have in there? i have my brothers belongings in there. Please advise. Thanks.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Hello,

Sorry to hear of your dilemma.

Unfortunately a judgment creditor, including a credit card company, can freeze the contents of a safe deposit box. In order to do so the credit card company must file suit against you and obtain a judgment. Once the judgment has been obtained, the credit card company and may seized the contents of a safe deposit box.

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Customer: replied 6 years ago.
so do they liquidate whats inside to get paid? Can i make a deal (payment arrangements) with the cc company so they dont have to seize the deposit box and give me access to it again? what if the contents in the safe mostly belong to soeone else? Thanks alot for all your help.
Expert:  Ellen replied 6 years ago.
so do they liquidate whats inside to get paid?
yes

Can i make a deal (payment arrangements) with the cc company so they dont have to seize the deposit box and give me access to it again?
yes

what if the contents in the safe mostly belong to soeone else?

Property that belongs to someone else cannot typically be liquidated for your debt-- you would need to prove to the court that the property does not belong to you

Thanks alot for all your help.

It has been my pleasure to work with you

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