Can you garnish me if I have a personal credit?

Posted on

The short answer is yes. The seizure of property is a right of the creditor to exercise the collection on the debtor’s belongings, but requires the order of a judge. Although it is quite rare for them to do so, banking and financial institutions have every right to go to a judge to demand payment from a debtor .

How is the embargo carried out?


The process begins with a trial in which a “precautionary seizure of assets” can be ordered from the first diligence, especially when there is well-founded fear of hiding or dilapidating them in order not to pay, for which a depositary will be designated of them which is responsible for not being lost.

To owe money is not a crime, but the breach of an obligation to which you committed yourself in a contract is. When the creditor promotes a trial (civil or commercial executive) we recommend that the actuary that notifies you is fully accredited and clearly shows you what court is taking the matter, who is the creditor and the debt it demands. Do not forget to check that the seals of the court are original.

If the credit was acquired with a banking institution

If the credit was acquired with a banking institution

The Account Statement certified by an accountant of the creditor credit institution constitutes “executive title” to be able to sue in the commercial executive way, in terms of article 68 of the Credit Institutions Law , consulted in

ARTICLE 68.- The contracts or policies in which, where appropriate, the credits granted by the credit institutions are recorded, together with the account statements certified by the accountant authorized by the credit institution, will be executive titles , without the need for signature recognition or any other requirement.

The statement of account certified by the accountant referred to in this article shall attest, unless proven otherwise, in the respective judgments for the determination of the resulting balances borne by the accredited or the mutual.

Recommendations on the possibility of embargo


The most important thing is to be informed, so we share some tips that you should keep in mind to avoid foreclosures.

  1. In case there is a civil or commercial demand for you to pay what is owed, they must notify you at your address through a judicial actuary. If that doesn’t happen, don’t be intimidated.
  2. Don’t let them scare you on the phone either . Never provide information by this means, because it can be misused.
  3. If you are in an insolvency situation before falling into default , approach the credit institution. Read carefully before signing any supposed agreement. If you have doubts or do not understand him, consult a lawyer or a third person at the institution.
  4. If you are already in a situation of non-payment and even with a bad rating before the Credit Bureau, go to companies specialized in helping you out of that situation, such as credit repair companies.
  5. To avoid such scares, perhaps the most important thing is to take care of your personal finances and learn to manage them.

As the last point says, consider that if your finances are healthy, it is best to stay in that state. Find out, research, evaluate your economic situation and the solvency you have with your resources before committing to any other credit product or acquiring a long-term commitment to an institution.

Leave a Reply

Your email address will not be published. Required fields are marked *