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When more than one person can be held responsible for repayment of a debt then each is a joint debtor.
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∙ 11y ago
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Can jointly owned personal property and assets be taken if the repo car was only under the spouse?
YES, they can be taken BUT NOT kept. ALL PP belongs to the debtor and the DEBTOR will have to redeem it.
Can a credit card company put a lien on jointly owned property when only one person is the named debtor in California?
yes. as long as the debtor holds interest in the property at the time.
In Illinois can joint tenants who are also heirs intestate be required to sell the jointly owned property to pay the debts of the deceased?
Generally, jointly held property passes automatically to the surviving joint owner. It does not become a probate asset so it is not exposed to creditors. However, the situation changes if the creditor attached the property prior to the death of the debtor. Creditors can attach jointly held property while the debtor is living but if a creditor fails to attach prior to the death of the debtor then the property passes to the surviving joint tenant and the creditor is out of luck.
Can a bank put a lien on jointly owned property when only one person is the named debtor in Virginia?
Certainly, there is no reason they can't. They may not be able to foreclose on the property, but if it is sold, the debtor's share will go toward the lien.
Can a creditor freeze bank accounts in New Jersey?
A judgment creditor can levy a bank account(s) held by the judgment debtor. An account can be frozen by the court when it appears that funds might be removed and/or transferred to avoid the judgment levy or to allow the judgment debtor to claim exempted funds in the account(S) or when the account is jointly held by a person who is not a judgment debtor. A joint account holder who is not a judgment debtor is required to present documents proving to the court the amount of funds that belong to them and which are not subject to a judgment levy. In some instances when an account is held jointly by a married couple and only one spouse is the named debtor the entire account will be exempted from a judgment creditor levy.
What protection do your business partners have if you have a judgment placed against you?
Obviously it is not related to the business and therefore as a personal affair, it would have no effect upon a jointly owned business. Creditors generally cannot take action against jointly owned business when there is a sole debtor.
Can an individual be held responsible for a girlfriend's debt?
Only if the person were a joint debtor. If the person did not jointly incur the debt nor enter into a financial agreement as a cosigner he or she is not responsible for that debt.
What percentage of a bank account can be levied?
In most instances the entire amount of the account is subject to levy. The exception is if the account is jointly held and only one of the account holders is the judgment debtor.
When a judgment is executed is it an 'automatic' lien on the debtor's property?
A judgment in most cases (except for small claims) can be executed as a lien against real property. It is not "automatic" the judgment creditor must file the judgment as a lien against property solely owned by the debtor or if the portion that is owned by the debtor when the property is jointly held. Judgment creditor liens cannot be placed against marital property held as Tenancy By The Entirety where only one spouse is the debtor.
Can a credit card company put a lien on a jointly owned property when only one person is named the debtor in North Carolina?
Maybe, it depends upon how the property is titled. Generally when a judgment debtor is married and the spouse is not a part of the judgment order, then real property cannot be attached by the judgment writ.
How do court judgments work in Missouri?
In the state the judgment creditor can execute the judgment as a wage garnishment or, bank account levy, or seizure and sale of unexempt property belonging to the debtor or a lien against real property belonging to the debtor. Missouri is a Tenancy By The Entirety state when it relates to married couples, this means that if only one spouse is the judgment debtor, property that is considered joint or titled jointly cannot be attached by the judgment creditor.
If you are owed 150K on a promissory note and the other party is refusing to pay how can you collect?
The creditor(lender) will more than likely have to file a lawsuit against the debtor (borrower) to recover monies owed. If the creditor wins the suit a judgment will be entered against the debtor. The judgment can be executed according to state laws against any nonexempt property belonging to the debtor. The judgment holder should use caution when seizing property, as they can be penalized for incumbering exempted property of the debtor or possibly jointly owned property. The safe and expedient method of enforcing a judgment is by wage garnishment.
