Not if the assets weren't designated as collateral in the original agreement.
Now, if a person declares bankruptcy, property that isn't exempt can be liquidated to pay off creditors, but the specifics of this are fairly complicated, especially in practice (assets of nominal value may be ignored even if not exempt, for example).
Damn... In my Scandinavian socialist welfare paradise, creditors can go to a court that is essentially a kangaroo court used to rubber-stamp this kind of stuff, and take whatever they want until their demands are covered. If they're really mad at you they can come to your house with the cops and just take most of your shit.
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In communist China each citizen is assigned a social credit score, etc. etc.
Are you saying that in the US creditors can't take defaulting debtors' assets?
Not if the assets weren't designated as collateral in the original agreement.
Now, if a person declares bankruptcy, property that isn't exempt can be liquidated to pay off creditors, but the specifics of this are fairly complicated, especially in practice (assets of nominal value may be ignored even if not exempt, for example).
Damn... In my Scandinavian socialist welfare paradise, creditors can go to a court that is essentially a kangaroo court used to rubber-stamp this kind of stuff, and take whatever they want until their demands are covered. If they're really mad at you they can come to your house with the cops and just take most of your shit.
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