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Would Texas law allow a creditor to seize a debtor's real property if the property does not have any qualifying exemptions?
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What is a possessory lien?
A possessory lien is the right of the creditor to retain possession of his debtors property until his debt has been satisfied.
If a credit card debt is only yours and it is not paid can they take your husband's property or property in both of your names in Ohio?
Real property would not be subject to attachment as Ohio is not a community property state and therefore only the spouse who incurred the debt is responsible for the debt. However, it is possible in some cases for a lien to be placed against the debtor spouse's share of a homestead as Ohio law allows for the "equitable division of property". Joint bank accounts can be subject to levy thereby requiring the non-debtor spouse to prove the amount of funds belonging to him or her to insure they are protected from creditor attachment. Any property held solely in the name of the non-debtor spouse cannot be seized by creditor(s). All debtors are allowed personal and property exemptions established by state law which prevents creditor attachment. The exemptions allowed under bankruptcy law are the same that are allowed in regards to a creditor judgment.
Can heir property be tied up if one of the heirs has a suit against them if property is not divided?
Yes. The creditor may file a petition for partition or the debtors share may be taken by the creditor. In any case, it can slow down the probate process.
What are people that owe money called?
A person who is owed money is called a creditor.
If more than one person owns a piece of property and one of the people owe money can a creditor of this individual put a lien on the property or force the property to be sold?
Where there are joint owners a creditor of one can petition the court for a judgment. If the creditor is successful and the debt isn't paid then they could petition to partition (sell) the debtors interest. You may need to purchase that interest to keep your property ownership close with no third party owning an interest.
What is the definition of debtors and creditors?
Debtors are people who owe money to creditors. Creditors are people who are owed money by debtors. For example, the bank is a creditor allowing people to take out loans and the people taking out the loans are the debtors.
What are debtors?
A debtor is any person, or entity, with outstanding loans owed to a creditor.
Can a lien be placed on property when wife and husband are both on the deed if only one of the couple has a judgment placed against them?
The interest of a co-owner can be attached by a creditor. That creditor can then petition the court to partition the land if the debt isn't paid and the debtors interest could be sold.
Can a creditor take possession of your home or vehicle?
If the creditor is attempting to make a recovery on a secured loan and the property is the security of that loan, then yes, definately; however, to do so the creditor must seek a judgment to secure the repossession or foreclosure. It is possible in some states that a court can order the liquidation of property to cover payment of debts under judgment. If a creditor is attempting to take possession of your property and there has been no ajudication (court proceedings), they may be attempting to act in an illegal manner. Just be very certain that no judgment has been entered before you try to prevent the recovery. Most creditors are willing to work with debtors in the resolution of loans. Contact the creditor and find out the current status of the property.
What is Texas law about senior citizens that cannot pay credit cards?
Senior citizens are not immune to collectors nor lawsuits by creditors simply due to their age. All SS benefits are exempt from garnishment by judgment creditors as are military and government pensions and in most cases private pensions. Real and personal property exemptions (those things which a judgment creditor cannot seize) apply to all persons regardless of their age. The exemptions allowed under the bankruptcy laws are those that are used to protect property from judgment creditor action. The Fair Debt Practice Collection Act gives judgment debtors specific rights concerning collection procedures. Texas law allows liens on real property by judgment creditors it does not allow the forced sale of a primary residence. (The judgment debtor must have a homestead declaration on file with the county assessor/land office).
What kind of education do you need in order to become a creditor?
None. You only money to loan to debtors.
How soon can the creditor garnish the debtors wages after the judgement has been made in court?
within 90 days
