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I'd be astonished if they were, since that's an amazingly huge loophole. Just always make sure you put your great-aunt Fanny (or whoever) on your accounts, and boom, you're judgement-proof!
Mark Twain once said "Suppose you were a member of congress, and suppose you were an idiot. But I repeat myself." However, I don't think any legislature could possibly be quite that stupid.
Actually Pennsylvania has one of the strongest Tenancy By The Entirety laws in the U.S. This method can only be implemented by a legally married couple and it does include bank accounts.
When any property is held under TBE statutes it is immune to action by a creditorwhere only one spouse is the debtor.
All other bank accounts such as Joint Tenancy or Rights to Survivorship can be subject to judgment creditor levy. In such cases the non debtor account holder must present documentation to the court provingthe amount held in accountbelonging to them in orderto protect those funds from seizure.
What else can I help you with?
Can a joint bank account be levied in Pennsylvania?
Yes, in Pennsylvania, a joint back account can be levied. This is usually called a levying of bank accounts or garnishing wages.
How can one avoid probate in Pennsylvania?
One can avoid probate in Pennsylvania by creating a revocable living trust, designating beneficiaries on accounts and assets, establishing joint ownership, and utilizing payable-on-death accounts and transfer-on-death deeds.
Will having a joint bank account with someone who is behind on their personal loan affect your own ability to get a personal loan?
No. Credit history pertains to the individual. With the exception of joint accounts such as credit cards, not bank accounts.
In Pennsylvania can a joint bank account be frozen if there is only one debtor?
Yes.
Can a joint bank account between a mother and son be levied by a judgment creditor when only the son is the debtor?
Yes. Judgments can be executed against joint accounts with the exception of accounts held by a married couple as Tenancy By The Entirety when only one spouse is the debtor. The usual procedure is for the account to be frozen and the non debtor account holder filing a motion with the court to have the portion of funds belonging to them released. The best option if the debtor believes he or she may be sued, is to remove themselves from the account to avoid the joint holder being penalized. If the debtor has received a civil summons or a judgment has already been awarded, then no action can be taken in regards to the account to prevent attachment by the judgment creditor.
Can a joint bank account be levied in Pennsylvania?
Yes, in Pennsylvania, a joint back account can be levied. This is usually called a levying of bank accounts or garnishing wages.
How can one avoid probate in Pennsylvania?
One can avoid probate in Pennsylvania by creating a revocable living trust, designating beneficiaries on accounts and assets, establishing joint ownership, and utilizing payable-on-death accounts and transfer-on-death deeds.
Can a person who is not appointed executor but his attorney tells him to close out accounts?
He can if the accounts are joint accounts and he is the joint account owner. However, if he was the joint owner for convenience purposes only the other heirs should seek their share of the funds.
What hinge joint is protected by the patella?
knee
If you have about 50000 in credit card debt and have some joint accounts with your boyfriend is he liable?
Yes, but only on the ones that your boyfriend is on (joint credit accounts only).
Does it eliminate estate and probate when heirs are on all accounts as joint owners of deceased?
If the only assets owned by the decedent were joint accounts then those accounts would be owned by the surviving joint owner. Real property, if not held in a joint ownership with right of survivorship, would need to be probated to vest title in the heirs.
Was the Pennsylvania company joint stock?
No, the colony of Pennsylvania, founded in 1682, by William Penn was a propriety colony.
Is inheritance money and property safe from legal judgments in the state of Louisiana?
No it would not be safe from legal judgments. It becomes an asset of the individual and it is subject to having a lien put on it. If possible, the assets could be put in a trust to protect them.
Why is the patella poorly protected?
The patella protects the knee joint from damage.
In Florida what are the rights of adult children when parent remarries and then dies and parent at the age of 80 plus made many accounts joint with 2nd spouse who survives him?
The ownership of the joint accounts passes directly to the surviving spouse. Every person has the right to determine what will happen to his property upon his death. During his life this parent chose to hold those accounts jointly with his wife. They are now her sole property.
Can joint checking accounts be frozen for a husband's credit card debt?
Yes. The only exception is if the married couple live in a state that allows joint marital accounts to be held as Tenancy By The Entirety (TBE).
What is the strongest and most protected joint?
the elbow because the elbow has four layers
