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You can contact the creditor to see what can be worked out (if anything; some of them are willing to work with debtors, others are not). They will expect you to pay the old bill on a very, very regular schedule.

Yes, they can take your property, even though you did not use the credit card to pay for it. You owe them money. They will sell your property to get the money that you owe them (if they sell for more than you owe them they must return the excess to you).

Your options are:

1. Pay off the credit card bill;

2. See if they will work with you to let you pay off the credit card bill over time and let you keep your property (they don't actually want your property; they want the money you owe them);

3. File for bankruptcy protection to prevent further collections action (i.e., keep them from taking your car and air conditioner). If you do this, HIRE A LAWYER to help you through the process. Bankruptcy law has changed dramatically in recent years, and not to the debtor's benefit.

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Expert:	Nancy Delain
Pos. Feedback:	92.3 %
Accepts:
Answered:	2/18/2009

Attorney

Registered Patent Attorney (1/2005); Attorney at Law (1/2004); M.S., Tech Writing (5/1981)