Legal Question in Credit and Debt Law in Michigan
credit card debt
My wife owes $20,000 on a credit card that is only in her name. She has no job. her only asset is she is 1/2 owner in our home and also has her name on bank account. What can the credit card co. do to my credit and my assets? Sence she has no way to repay the card debt.
Asked on 4/14/09, 4:44 pm
2 Answers from Attorneys
Renee Walsh
LawRefs Nonprofit
Re: credit card debt
The creditor can get a judgment against her and attach her assets. Since she his a liability, it would be prudent to have your assets in your name only.
Answered on 4/14/09, 5:03 pm
Charles Lawler
Clark Hill PLC
Re: credit card debt
They can take all the money in your bank account and the personal assets in your house. Your house is more difficult to get to.
Answered on 4/14/09, 5:04 pm
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