Ok,
Let's start with simple stuff first. This is all "credit card" debt. Are you certain ?
Credit card debt is "unsecured" debt. Backed by the good faith and security of.....nothing....but your signature.
They can take everything that is being held as security....for all y'all still reading, that means NOTHING.
Credit card debt is nothing more then an agreement between you and your credit card company. When you become "delinquent" in making payments, the lender(let's say Visa) writes off the balance and bad debt and sells your "debt" to a collection agency for a price...not really sure what that is but it's pennies on the dollar. The collection agency now "owns" the balance due. If the collection agency collects the full amount they( the collection agency) profit. If they do not the agency loses their investment of the "pennies" they paid to buy your "debt".
Credit card debt is not a car loan or a mortgage where the loan is "secured" by the collateralized asset. Your credit profile will be damaged, as it already is by now.
My advice, and most here will tell you it's wrong, is to tell the collectors to pound salt, suck a lime, shoot the whiskey and get back to cutting some firewood. They can't to **** to you.
There is a member who is a debt collector, I think his name is BryannR, he hangs out in the chainsaw forum. He might be able to confirm my post or tell me and my 15 years in banking and finance to ****.
You owe me a Coke....for the legal advice