If I am sued for an unpaid car loan, can my wife’s property or assets be taken?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I am sued for an unpaid car loan, can my wife’s property or assets be taken?
My stepfather was the co-signer on the loan and it was acquired before I was married. None of my wife’s property is in my name, it was all bought with her own money. Does the law here state that only my property or assets can be taken?
Asked on July 23, 2012 under Bankruptcy Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are sued for a deficiency judgment on a car loan that you have written about with a resulting judgment, under the laws of all states in this country the marital assets between you and your wife would be subject to a judgment levy to pay off the judgment since you have a one half interest in these assets such as bank accounts as well as brokerage accounts.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.