Can creditors take my wife

If the accounts are jointly hel yes, you will be legally responsible for the balance that she defaults on. One thing that will work to your favor is the fact that the bankruptcy laws have toughened in recent years. In the state of Pennsylvania a creditor with a judgement cannot garnish a joint account of a MARRIED couple regardless of how the account is denominated by the bank literature, if the judgement is against only one of the two.

In some states, the creditors will be able to go after joint assets such as a joint bank account. In a community property state, any debts incurred during the marriage are owed by both spouses, but debts incurred before the marriage belong to each individual person alone.

Debt collectors and creditors cannot take protected income to repay your debt. But this income is not protected from paying debts like alimony, child support, criminal fines or money you owe the government. Can creditors go after my husband? What property can creditors take?

Only joint credit will link you and your spouse together so marriage alone is not enough to impact your credit rating. This is not actually the case. Kentucky law: If the real estate is your residence (house or mobile home), your exemption is $0per owner.

So a married couple can exempt up to $10in the residence.

Usually, the creditor can go after a portion of your net wages (up to , more if the judgment is for child support ), bank and other deposit accounts , and valuable personal property , such as cars and antiques. Not all of your property can be taken , however. Every state has certain property it declares “ exempt.

How the Judgment Creditor Gets Paid. Generally, the creditor will be paid when the debtor sells or refinances the home. However, if the creditor chooses not to wait for a sale or refinance, the creditor can execute on the lien by asking a court for permission to sell the debtor’s real estate.

There are strict rules as to what a creditor can and cannot take if you default on a loan. Can a debt collector take my Social Security or VA benefits? Generally no, debt collectors can ’t take your Social Security or VA benefits directly out of your bank account or prepaid card. After a debt collector sues you for the debt and wins a judgment, it can get a court order for your bank or credit union to turn over money from your. No, companies or creditors cannot seize your wife’s income or bank accounts or any other property that belongs solely and is only in her name to cover your debt.

If the bank accounts are held jointly, than a creditor may be able to take you to court and obtain a judgment. Another special case is if you make your spouse an authorized user on a credit card. Even if your wife brought the debt to the marriage and you simply signed on to the account as a joint holder, you are now the only one on the line for that debt.

Creditors will come after you for non-payment as if the debt was entirely your own. In some cases, a creditor may cancel a joint account if your wife files bankruptcy on it.

It will affect your partner’s credit rating but unless you have any joint debts which will allow them to check your credit file as well, it will have no impact. If you do have joint debts although it will not be on your credit file they can look at her credit file as well if you apply for credit. Unsecured creditors do not have the automatic right to seize and sell your home. They can , however, earn this right by taking you to court.

Find out what creditors can take in a bankruptcy. He is a native of Los Angeles, where he lives with his wife , Melanie, and daughter. But can a creditor take your Social Security if they’re collecting on past-due debts? Most creditors and debt collectors cannot seize your Social Security benefits, as long. The short answer: no.

Your creditors cannot take your inheritance directly. However, a creditor could sue you, demanding immediate payment. Some states protect a higher percentage of wages from garnishment.

Even if you have more than one creditor garnishing your paycheck, the total amount usually has to be under these limits. State laws vary regarding what additional debt recovery options a judgment gives your creditor , but judgments in all states permit creditors to seize either a portion your income, your. In such case, then your creditor cannot touch the asset at all. If the car is titled in both names, the creditor could possibly seize the asset if the car is owned free and clear provided that the car would sell for enough to be able to compensate your wife for her share of the car. If a creditor takes you to court and wins a judgment against you it can do a bank levy, which is the same as a bank garnishment.

They freeze your account for the amount of the judgment and any money recovered goes toward the payment of your past due debt.