What is the name of your state? Pa. My credit card debt is $67,000. The debts are in my name only. My husband has excellent credit. Our house is paid for and in both of our names. We have 3 vehicles all in husbands name. My income is from SSD and disability pension. My question is what happens if I just quit paying them?
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If I just don't pay
- Thread starter beejay
- Start date
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It is highly probable you will be sued. Following the judgment, a lien will be attached to your home.
I don't think they can take your home away from you but you will never be able to sell the home until they are paid. That could cause a lot of complications for you or your heirs. It is also pretty expensive.
Also, they can garnish your bank accounts and take all the money in the accounts.
They could conduct an asset hearing and perhaps get at other assets you might have -- like stocks and investments.
They can't garnish your SSI & disability or attach a 401k or most other retirement plans.
Personally, I think it is better to deal with this now instead of later.
You can file bankruptcy -- which has many nasty issues -- or you can try to settle out the debt.
I don't think they can take your home away from you but you will never be able to sell the home until they are paid. That could cause a lot of complications for you or your heirs. It is also pretty expensive.
Also, they can garnish your bank accounts and take all the money in the accounts.
They could conduct an asset hearing and perhaps get at other assets you might have -- like stocks and investments.
They can't garnish your SSI & disability or attach a 401k or most other retirement plans.
Personally, I think it is better to deal with this now instead of later.
You can file bankruptcy -- which has many nasty issues -- or you can try to settle out the debt.
beejay said:
You may want to try a general web search for any items of PA Law, ie...PA Law, PA state Law, etc and hit the search finds. Usually many valuable resources relating to your question can be found by delving into the specific 'search results' sites.
I found loads of info this way - general search - on specific laws in AZ
Good luck!!
Like all things -- there are advantages and disadvantages.
Tenancy by the entirety is a statutory form of ownership created by a conveyance to a husband and wife. Like joint tenancy, the parties must acquire their interest at the same time and through one title. They must have equal interest in the property, as well as equal rights of possession. One further criterion which applies only to tenants by the entirety is that the parties must be husband and wife.
The primary difference between tenancy by the entirety and joint tenancy is that joint tenants may deal with the property as they wish. If one joint tenant decides to convey her interest in the property, that interest is conveyed, and the joint tenancy is destroyed. In tenancy by the entirety, each tenant effectively owns the entire estate. Therefore, neither can deal with the property independently of the other. The main advantage of this difference is that judgment creditors of one party cannot enforce their liens against the property. If the debtor spouse dies first, the lien can never be enforced against the property. Of course, if the non-debtor spouse dies first, the lien could be enforced.
There are some potential disadvantages as well. Property held in tenancy by the entirety cannot be severed by a partition action filed by one of the parties. If one spouse disappears or becomes incompetent, there can be difficulties in transferring or encumbering the property. There may also be certain estate planning ramificationsl. For example, a surviving spouse may be unable to disclaim the interest of the decedent.
Another common estate planning technique is foiled when property is held in tenancy by the entirety -- one party cannot convey title to an adult child as is possible under joint tenancy.
Tenancy by the entirety is a statutory form of ownership created by a conveyance to a husband and wife. Like joint tenancy, the parties must acquire their interest at the same time and through one title. They must have equal interest in the property, as well as equal rights of possession. One further criterion which applies only to tenants by the entirety is that the parties must be husband and wife.
The primary difference between tenancy by the entirety and joint tenancy is that joint tenants may deal with the property as they wish. If one joint tenant decides to convey her interest in the property, that interest is conveyed, and the joint tenancy is destroyed. In tenancy by the entirety, each tenant effectively owns the entire estate. Therefore, neither can deal with the property independently of the other. The main advantage of this difference is that judgment creditors of one party cannot enforce their liens against the property. If the debtor spouse dies first, the lien can never be enforced against the property. Of course, if the non-debtor spouse dies first, the lien could be enforced.
There are some potential disadvantages as well. Property held in tenancy by the entirety cannot be severed by a partition action filed by one of the parties. If one spouse disappears or becomes incompetent, there can be difficulties in transferring or encumbering the property. There may also be certain estate planning ramificationsl. For example, a surviving spouse may be unable to disclaim the interest of the decedent.
Another common estate planning technique is foiled when property is held in tenancy by the entirety -- one party cannot convey title to an adult child as is possible under joint tenancy.
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Actually, in PA they can NOT place a lien on your home for CREDIT CARD DEBT and the 'tenancy by entierty' will also protect your home. It will also protect your home in bankruptcy, although you need to make sure you have a good attorney just in case the Trustee tries to attack your exemption and the PA law that exempts it under 'tenancy by entirety'.
Its an interesting provision in the PA laws, one I learned from a PA NACA lawyer 
I would consider the bankruptcy. Since the mortgage on your home is paid in full, it's safe for you to stay in it.
I considered bankruptcy myself a whilel back - and while it does stay on your credit report for 10 years, since you're disabled you wouldn't personally be applying for credit anyway. It's expensive and you pay for a while (mentally) by doing it - it might be the best option.
67 grand is A LOT to try to pay back - I mean that is a mortgage for Pete's sake! You'd be lucky if you got a repayment plan of 700 dollars a month, and how are you going to pay it?
File bank. will cost you about 2 thousand. And, technically, even though it stays on your report 10 years, I personally know people who have got credit cards and car loans about 18-24 months after filing.
I considered bankruptcy myself a whilel back - and while it does stay on your credit report for 10 years, since you're disabled you wouldn't personally be applying for credit anyway. It's expensive and you pay for a while (mentally) by doing it - it might be the best option.
67 grand is A LOT to try to pay back - I mean that is a mortgage for Pete's sake! You'd be lucky if you got a repayment plan of 700 dollars a month, and how are you going to pay it?
File bank. will cost you about 2 thousand. And, technically, even though it stays on your report 10 years, I personally know people who have got credit cards and car loans about 18-24 months after filing.
Shrike1070
Member
...and I've known people who also got home loans within 18-24 months of BK discharge. Unbelievable, I know. 
Its not all that unbelievable at all. If they're credit wasn't completely shot before they filed, then they had a shallower hole to dig out of scorewise than someone who's credit is already in the pits. If you engage in credit repair post-discharge and start the rebuilding process right away, it IS possible to get a decent home loan and new credit. In fact, its too easy to get new credit. Unless you opt-out with the 3 credit bureaus, you will be deluged in new card offers - most of them will be complete CRAP too. You must pick and choose carefully and not take the first CC offer that comes into your mailbox.