If I am sued for an unpaid car loan, can my wife’s property or assets be taken?
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If I am sued for an unpaid car loan, can my wife’s property or assets be taken?
My stepfather was the co-signer on the loan and it was acquired before I was married. None of my wife’s property is in my name, it was all bought with her own money. Does the law here state that only my property or assets can be taken?
Asked on July 23, 2012 under Bankruptcy Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If you are sued for a deficiency judgment on a car loan that you have written about with a resulting judgment, under the laws of all states in this country the marital assets between you and your wife would be subject to a judgment levy to pay off the judgment since you have a one half interest in these assets such as bank accounts as well as brokerage accounts.
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