What would you like to do?
It could be. The wording of the title and state laws would decide if a forced sale could be implemented. More than likely the house is considered owned by Tenants In Common. The homestead exemption would also be a factor. The creditors could definitely place a lien against the girlfriend's share of the property.
33 people found this useful
Was this answer useful?
Thanks for the feedback!
Did he add you to his credit card as a Authorized signer? That is responsible for the card? If not, then IT IS ALL HIS NOW. You are the only one that seriously has to ma…ke the decision if you want to pay it off. He signed it all over to his responsibility by doing that! Good luck. Of course, if you have a conscience, you'll take ownership of the debt. You know full well that he never would have taken on your debt if he expected the relationship to end. He tried to help you out; if you repay him by sticking him with your debt, you've sunk to a pretty low level.
If your husband is sued for credit card debt that he incurred before your marriage can creditors take action against a jointly owned vehicle?
Answer As it is and asset they may be able to take what ever they class as assets, before or after, but not 100% sure depending on each individ…ual case. * If the car is titled in both spouse's names with the name divided by the word "or", the vehicle may be subject to seizure and sale or lien attachment by a judgment creditor if it is not protected under the state vehicle exemption. In the majority of cases a judgment creditor will not be granted the rights to a forced sale of marital property that is jointly owned unless the couple reside in a community property state. Since a lawsuit has already been implemented the debtor should not attempt to transfer the title or have his named removed, as that might possibly be seen as a fraudlent conveyance and create more legal difficulties for both spouses.
Answer CAUTION!! THIS MOVE CAN HAVE CREDIT CONSEQUENCES FOR BOTH PARTIES!! Before you make a decision, you may want to ask yourself "Why am I consid…ering this decision?" If you follow through with it, statistically, the consequences of your decision will last longer than your relationship. Provided you have an adequate credit line sufficient to absorb the total amount of her loans, you could (a) transfer her unsecured credit card debt to your credit card(s) or (b) you could do a cash advance for the amount of her loans, deposit those funds into your checking account, then write checks on your account to pay off her debt. Should you select either option you will create a set of circumstances that you MAY regret "down the road". If you're getting ready to put on a financial suit of armor to save your damsel in distress from the financial dragon she's created for whatever reason(s), you may want to RE-think your motives. YOUR credit score will go DOWN and hers will go UP. The reason is: When your available credit to debt ratio goes up or down there is a nearly immediate effect on your CBR (Credit Bureau Report) score. Why? As your debt load goes up, your available credit goes down so your risk of default goes up (you owe more debt so you're more of a risk to lenders). Your credit score goes down. (Oh yes - if you choose option (b) you also get the consequence of the hefty interest rates associated with a cash advance) At the same time, your girlfriend's debt goes down, her balances are reported as paid in full, so her debt load goes down and her available credit goes up (thanks to you). Her credit score also goes up. There is a disadvantage to her in this scenario. Provided she has been making her monthly payments on time, her credit score would have been going up anyway - withOUT your help. And, all things being equal, your score would have been - at worst - unaffected. The only other piece is the "what if" piece. What if she breaks up with you, what if you have an emergency and NEED that credit line you gave up when you paid off her debt. Everyone is responsible for their actions. Think clearly before you decide. Either way, the consequences will follow you - sometimes for years.
If I pay off a credit card debt for someone using my own credit card does anyone have to pay tax on it?
Probably not. I think you would have two options on how to classify this. You could either treat it as a loan, ie. you loaned money to someone to pay off their cred…it card. Receiving a loan is not taxable, but there should be a bona fide expectation that you are going to be paid back. Of course, if you are going to charge your friend interest on that loan the interest would be taxable income. The other option would be to treat it as a gift. As long as you are under the gift threshold (in 2008 you can give someone a gift up to $12,000 and there is no tax) there is no tax from anyone. If you are calling it a gift and it was more than $12,000 you may need to file a gift tax return and pay a gift tax. Note that the person GIVING a gift is responsible for paying the gift tax, not the person receiving the gift.
usually they have other things on there mind. But a good boyfriend will always listen to there girlfriends
I own a home and my mother resides in another home on the property her debt is showing as lien against the property but she doesn't have the house in her namecan a credit card company do that?
If it is credit card debt, the lien is invalid, but if you or your mother ignored a complaint about the debt and failed to object to the lien, you may have to do somethi…ng about it in the court that granted the lien. If you live in a state where a credit card lien can be obtained without a court order, you will have to take some other legal action. If you fail to have the lien removed, it will come back to haunt you if you want to refinance or sell the property, or if you die.
If you owe a credit card money and they have your middle initial wrong on the card and account and the debt doesn't appear on your credit report do you have to pay the debt?
you run like hell to Mexico
Usually not, but if it is a rediculously nice house, ie. 4 bedrooms for a husband and wife, he could do so. Check with your local bankrupcy laws, the state Revised Code …of Washington for example. Search on google, all50 states have them online.
have u ever thought of marrige? That would be a better choice than to just move in.
no you go into a deeper debt with credit cards. creadit cards are not money. you BORROW the money and they want it back really quick.
Did you use the card? If so, maybe. I have watched enough Judge Judy to see that it is possible and to win.
Girls are independent of their boyfriends. She does not have to listen to you.
Can a lien be placed on your home for credit card debt if it is jointly owned and the other party is not responsiblbe for the debt of the cards?
In Teen Dating
I understand that you want to pay, but maybe your girlfriend feels that she would be taking advantage of you if you payed for everything. I suggest that you don't force her to… let you pay, but maybe work something out where you will pay sometimes. Hope I helped!
The best way of approaching credit card debt is by consolidating all your credit card debt (assuming you have more than one credit card) into one account. This will obviously …need to be approved by your creditors before you can follow this approach. This makes it much easier to manage payments as you will only need to make one payment to one specific account once a month or as agreed upon. Consolidating debt could also ensure a lower monthly premium although this depends on the financial situation you are in.