Re: Asset Searches? How do they do it?

Posted by Why Chat (209.240.205.61) on August 04, 2004 at 18:11:05:

In Reply to: Re: Asset Searches? How do they do it? posted by J Kelly on August 04, 2004 at 17:53:24:

A creditor in Tx will not do an asset search unless and until they get a judgment entered against you. If they KNOW (perhaps you paid a cc from it) where your Tx bank account is,they MAY freeze the account prior to filing a lawsuit.

I have been told, that with your SS # they can locate your Tx bank account eaily, and since Tx is a community property State, if they know your spouse's SS#,the can find and freeze any that you are joint with your spouse.

If you get a BIG $$ judgment against you,then an asset search of property records MAY be done,but unless you are talking in the hundred thousand $$ + range of a judgment debt,they would not have any reason to look for a jointly owned residence in another State.

They would have to domesticate the judgment in that State and file for a "separation" order to separate your and your sisters interest.Then have a sheriff's sale.I would guess that the legal fees alone for something like that would be around $10,000.

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