Creditors after spouse asset?
My husband owes about 20K with various credit card companies (7K with American Express, 5K with GE Money, 3K with Chase and 4K with Bank of America) and the third-party collection agencies are after him. My questions are:
1. Will he be used? I have asked around and most people said with less than 10K each card, they might not sue him
2. If, indeed, he is sued and loose, can the creditors freeze my seperate bank account to satisfy the debt? He incurred all these debts before we married and we live in Texas.
Thanks
Frankly, they can and will sue for any amount…if they want to. Doesnt matter if it is 10k or not. I have accounts that are less than $1000.00 that my clients wanted litigated.
If they sue him, depending on the remedies provided by the law to creditors in your state…they may garnish his wages, levy his bank account, file liens on his property, attach assets,etc.
As far as levying your seperate account. They can not do that unless the accounts they are attempting to collect on were joint account or you co-signed.
Regardless of whether you are married or not…his credit belongs to him and yours to you. Your assets belong to you and his to him. Thats the bottom line.
If you have property and both of you are listed on the title they CAN file a lien. Therefore, transfer all titles to you and leave him dry so that you have nothing to worry about.
If you have any questions, email me.
Good Luck