In what cases can my assets be taken away from me? Everything you need to know about debt embargo

A debt is an obligation that a person or entity has to return money, goods or services received from another party. This obligation can arise from various situations, such as bank loans, commercial loans, home mortgages or even tax debts with the state. Generally, the debtor must comply with the payment of the principal and, in many cases, additional interest that is agreed to in the terms of the loan or credit agreement.

Failure to comply with these obligations may lead to adverse legal or financial consequences for the debtor. In extreme cases, seizure is chosen, a forced measure where the debtor’s assets are used to pay the debt. debt earring. In what cases does it occur?

The cases in which your assets can be seized

La República interviewed lawyer Cristian Cáceres, who explained to us about the seizure of assets. According to the expert, there are several scenarios that can occur for your properties to be forcibly taken away from you.

“For example, if you ask for a loan and you do not give any guarantee: neither a vehicle, which is a movable guarantee, nor my house, which is a mortgage guarantee, the credit will always be subject to a term. Eventually, they will notify you to pay and, then, in order for them to seize your assets, it is necessary to initiate a full legal action if your debt “It is expired,” he explained.

A debt It is overdue if the deadline to make the payment has already expired. “Once this is done, some preliminary steps must be taken: a notarial requirement through a payment letter, this is called intimate and invite conciliation,” commented the lawyer from the San Martín de Porres University.

“Once the judicial action has been initiated, a precautionary measure can be requested, and generally is done, so that the assets are frozen in some way,” he reported. This is where, if the process is lost, your properties can be taken away.

“What is happening? There the court orders that any property that is in your name be auctioned and, upon seizure and auction, the value of the property will be deducted. debtthe interests, the expenses that have been incurred and, if there is anything left over, it will be given to you,” said Cáceres.

Other cases of asset seizure

The situation varies a little if, for example, there is a security or a person who is a guarantor. “That can be sued directly and the seizure is the same. If you have a guarantor or a person who guarantees you, the lawsuit will go against the debtor, who requested the loan, and also against the person who guarantees you or is your guarantor,” clarified Cristian Cáceres.

“And if there is a mortgage loan with a security interest, what is directly seized is the security to be collected,” said the lawyer.

Finally, the expert gave tips to avoid these difficult situations. “When they invite you to conciliate, do it. Agree on payment installments so that it gives you time to settle the debts or, if you are in the context of the trial process, full or partial payment so that in some way it gives you some time to breathe,” he concluded.