What assets can my creditors seize?
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What assets can my creditors seize?
My wife and I are buying a house in PA. I will not be on the mortgage because of past credit problems and low income. Should I be on deed or can a lien be placed against it by by creditors?
Asked on July 25, 2011 Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In most states in this country, creditors can levy upon all assets of a judgment debtor such as yourself. However, there are statutes stating that certain items levied upon are exempt from levy. If an item levied upon is exempt, it is up to the judgment debtor to file a claim of exemption to prevent the item levied upon to be taken for partial or full satisfaction of the judgment. The claim of exemption must be filed timely and in the court file where the judgment is stated.
If your name is later placed on the record title of the house you and your wife are buying, the judgment creditor as to you can file an abstract of judgment on the home creating a lien upon it as to your interests in it for payment on the obligation.
If you are concerned about this possible lien, then having your name on the home might not be a good idea.
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