Answer if you can? thanks in advance

[messenger]

When you owe creditors whether they be Rev Can or just creditors and they
want your assets, can they seize your bank accounts and assets even if there
is another name attached to the ownership title?

If there is no debt against the assets i.e.: mortgage or loans outstanding
can they still force sale of these said items when there is another name
appearing them? ( not family or relation).

Can they seize bank accounts when they are in joint names? (not family or
relation). Jointly owned not by a company or anything just a two signature
account.

Thank you

[darlla]

yes

messenger wrote in message <388a4...@198.161.96.27>...

[san.rr.com]

Hello,

This reply is not provided as legal advice, it is merely a general
discussion of the law which may not apply in your particular case, so please
take the time to discuss your situation with a lawyer in your community.

A creditor cannot execute and levy against your property until they have
reduced their claim to a judgment. Judgment creditors are capable of
levying against bank accounts that are jointly held, however, generally,
they are not permitted to levy against the interest belonging to the account
holder that is not also a judgment debtor. The law in your jurisdiction
could have a presumption that each account holder owns a one-half interest
in the account, and then it would be up to the other account holder to
sufficiently prove his or her actual interest in the account.

With regard to real property, often times jurisdictions will exempt a
certain dollar amount of interest in a debtor's residence from attachment by
judgment creditors. This is referred to as a homestead exemption.
Additionally, there may be a mortgage against the property which would have
to be satisfied before the judgment creditor could realize any money from
the sale. A creditor is more likely to place a lien against the property
and wait until the property is sold by the owner at which time the judgment
will be satisfied along with the other encumbrances against the property
such as the mortgage or a mechanic's lien. Property held by co-tenants
would also be subject to a judgment creditor's lien or execution and levy,
although it should only apply against the debtor's interest in the property.

A well drafted trust may serve the purpose of protecting real and personal
property from attachment. Many states recognize "spendthrift" trusts which
serve to restrain voluntary and involuntary alienation (sale or attachment)
of the property held in trust for the beneficiaries or equitable owners of
the property.

Something else to bear in mind is the so-called fraudulent conveyance. A
fraudulent conveyance is the transfer of property out of the debtor's name
for nominal consideration into another person's name for the purpose of
keeping the property away from creditors--such transactions may be set aside
by creditors.

--
Kenneth Hamilton
stu...@sanlaw.com

San Diego, California

messenger <lfr...@incenter.net> wrote in message
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