Legal Question in Credit and Debt Law in Texas

My legal rights

In the state of Texas a judgement in a lawsuit involving a credit card debt is awarded in favor of the bank and against an individual. The question is what can be taken from the individual for non payment of the judgement. Personal residence? Car? Money in checking or savings? Stocks and investments? Garnishment of wages?

Asked on 4/08/05, 2:04 pm

2 Answers from Attorneys

Sharon Campbell Sharon K. Campbell
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Re: My legal rights

There is no garnishment of wages in Texas. A homestead is absolutely exempt from creditors in Texas (except for your mortgage). There are many exemptions to debtors in Texas. Exempt is one vehicle per driver in the family, $30,000 worth of personal goods, etc. Your bank account or other financial account (not IRA or 401K) can be garnished.

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4/08/05, 2:34 pm
Adrian Jonrowe Law Offices of Adrian Jonrowe
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Re: My legal rights

I don't have all the facts and I do not represent you as your atty. However, generally you need to check the homestead exemptions listed in the Texas Property Code to find out what is exempt from judgments but remember of those exempt items their total value matters. Individuals get $30,000 of exempt property value (valued at sheriff sale prices) and families get $60K. Some items are not exempt like boats, airplanes, bank accts, income from rental, etc. Cars are exempt only to a certain extent - one for use of each person in family. Tools of trade are exempt but that with cars and other possessions only up to the value of the $30K or $60K as mentioned above. A creative atty can cause you real headaches even if not able to actually get any money from you. Judgments are good for 10 years and can be renewed over and over again forever if not left to expire after 10 years. They do show up on credit reports if abstracted.

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4/08/05, 2:50 pm

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