Posted on: 20th Sep, 2010 10:14 am
Can a collection agency collect a bad debt that you cannot pay because you are jobless and only have social security if it goes into a joint account with some who is not a relative?
Guest, you won't be in jeopardy unless and until someone obtains a judgment against you. At that time, if you fail to make payments according to the judgment, a creditor can visit your bank account (if they know where you bank) and potentially withdraw funds that are in there. Joint accounts are considered to be owned in full by both owners, so it doesn't matter that you and your co-owner are not related - all the money is available to either of you at any time.
As I said, however, it's incumbent upon the creditor getting a judgment against you. Then, it's incumbent upon you not making any payments. If you do pay against the judgment, they cannot touch your funds. Even if you don't make payments, they'll have to go back to court to attempt to get access to your bank account.
You can always switch banks, of course.
As I said, however, it's incumbent upon the creditor getting a judgment against you. Then, it's incumbent upon you not making any payments. If you do pay against the judgment, they cannot touch your funds. Even if you don't make payments, they'll have to go back to court to attempt to get access to your bank account.
You can always switch banks, of course.