|
|
Re: CC Debts, NCO, and I just need help
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by ladynred
(199.91.33.254) on July 11, 2003 at 15:30:50:
In Reply to: CC Debts, NCO, and I just need help posted by stuck on July 11, 2003 at 13:37:23:
TX has some very generous exemptions from judgements - personal property up to $30,000, 60K if you're head of household ! Homestead is totally exempt. They can NOT garnish wages, but they can sieze bank accounts and non-exempt property. Since TX is also a community property state, you need to be careful of joint accounts with your DH too. So, having said that, a lot depends on how much and what kind of assets your mother put into your name. If its just money, you may want to put the money into an account with HER name ONLY on it and then, I believe, all you need is a Power of Attorney (check with a lawyer on which type is needed for this). That will keep creditors from taking her assets. NCO doesn't seem to sue all that often, actually. The times I've seen that they have, its been for very large balances. IF they sue, you use the exemptions. A lot depends on who the original creditor was (OC) and how much you owe them.
Follow Ups:
Post a Followup
|
