Posted on: 16th Aug, 2010 07:19 am
Following up on the credit card company questions, I recall a credit card company getting a judgment against a family member some years ago and actually forcing the sale of their car that had no other liens on it. It was a cheap car, so it wasn't a big deal, but the question is, how far can an unsecured creditor reach after getting a judgment ? This was in Michigan, if that makes a difference, and the Bank issuer of the credit card was also considered a resident of the State. What if the car had been titled in two different names and the judgment is only against one of the parties. Does that make a difference?
Hi rcpips!
Welcome to forums!
If the car had been titled in two different names and the judgment is only against one of the parties, then the other party would have received his or her share from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the car had been titled in two different names and the judgment is only against one of the parties, then the other party would have received his or her share from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
I think that car situation could prove tricky for the second owner in the event of a default by a borrower. I don't think it's just that easy that the second owner would receive "his or her share from the sale proceeds." The bank in this case isn't going to be looking out for anyone other than the bank. They'll sell such a vehicle for as much as they can to settle the debt and that's that.
A second owner ought to just take the bull by the horns and pay the debt, if it's a vehicle that might be valuable to them.
A second owner ought to just take the bull by the horns and pay the debt, if it's a vehicle that might be valuable to them.
