Legal Question in Wills and Trusts in Louisiana

Judgement/Lien Against Family Property

My 27-year old son persuaded my father (80 y.o) to co-sign a vehicle he wanted. My son allowed the loan to go into default and now it is at $13,000. The motor credit company has threatened to sell off my father's farm if my son does not pay what is owed. We only have until the 5th to accept the finance company's offer to pay the $13k and stop the lien auction. Only two children have the means to pay it, and my brother's wife wants them to take control of the whole property. We don't trust her. What can I and my brothers do to protect our interests as heirs in a sucession? Our oldest brother wants control of father's half of the estate to protect mother's (now deceased) half in exchange for paying the $13k. None of us want a non-family member to wind up with the land, but none of us want to be taken of advantage of, or cheated. What can and should be done immediately?


Asked on 10/12/07, 2:03 pm

1 Answer from Attorneys
Mitchell Roth MW Roth, Professional Law Corporation

Re: Judgement/Lien Against Family Property

Your question is too big for this site. You need to consult a lawyer. The credit company cannot take the father's farm. It can sue for the balance due and unpaid and collect a judgment. A judgment is a lien against all real property owned by the debtor and the creditor can force the sale of any asset that is not exempt. If an asset is sold, it must be at a lien auction sale, and the asset is sold to the highest bidder. Anything remaining of the sales price paid after the sale is paid to the debtor.

Of course, thete is a lot that can be done to use the farm as collateral to raise the $13,000 and pay off the creditor.

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Answered on 10/12/07, 2:39 pm


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