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I Have a Bank Account and Property With My Mother. Can My Creditors Go After That? – Anna

“Dear Steve,

I live alone in a home that is now in my mothers and my name jointly. Before that it was only in her name. When she wrote her Will a couple of years ago she also put my name on her checking account. So that if she died, I would not have to go through the transfers. Her name is first on the deed. The property is paid for and has 5 acres of land. When I became disabiled 3 years ago I had three catoluge charge accounts. I have been making payments but due to the cost of living and no COLA increase for two years I can barley get by now. That money would help me so much if I could apply it to my cost of living.

I know they can’t take my S.S.D.I.. My question is. Can these catolouge creditors take money from mine and my mother joint account? Or can they place a lien on our joint owned property. The debt is $3000.00 and I live in Alabama.

Anna”

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The Answer

Dear Anna,

If a creditor took you to court and won they would be able to take action against an asset or bank account in your name if they got the permission from the court.

I don’t see any reason why they would not be able to do this but you really need to speak to an attorney licensed in Alabama for a definitive answer.

How much do you owe the catalog companies?

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

I Have a Bank Account and Property With My Mother. Can My Creditors Go After That?   Anna
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve Rhode

    Anna,

    You could look at LendingClub.com as a source of an unsecured debt consolidation loan.

    But my concern is that with the limitation on your income and there some doubt you could make years worth of payments to satisfy the debt until it is paid in full.

    Would you consider asking your mother if you can borrow $1,500 from here and if you can I could ask a couple of friends here on the site if the would not mind helping you by negotiating settlements for you.

  • Anna

    Thank you so much. My debt is $3000.00. I have done well paying on it until now. I do not want to default on my responsibilities as I am dead set on remaining in good standing. After all, I made the debt and feel I should pay it. I was just worried what would happen if it comes to a point that I absolutely can’t pay. So, I was wondering about consolidation. I’ve heard some good and some bad things about consolidation companies. So I was thinking about trying to take a out loan out at the bank. Yet, even though I have good credit which I do not wish to ruin, I now have a much smaller income. I do have own my home out right but hate to mortgage for such a small amount. Thanks again. Your so kind to help people.

  • Anna

    Thank you so much. My debt is $3000.00. I have done well paying on it until now. I do not want to default on my responsibilities as I am dead set on remaining in good standing. After all, I made the debt and feel I should pay it. I was just worried what would happen if it comes to a point that I absolutely can’t pay. So, I was wondering about consolidation. I’ve heard some good and some bad things about consolidation companies. So I was thinking about trying to take a out loan out at the bank. Yet, even though I have good credit which I do not wish to ruin, I now have a much smaller income. I do have own my home out right but hate to mortgage for such a small amount. Thanks again. Your so kind to help people.

    • http://GetOutOfDebt.org Steve Rhode

      Anna,

      You could look at LendingClub.com as a source of an unsecured debt consolidation loan.

      But my concern is that with the limitation on your income and there some doubt you could make years worth of payments to satisfy the debt until it is paid in full.

      Would you consider asking your mother if you can borrow $1,500 from here and if you can I could ask a couple of friends here on the site if the would not mind helping you by negotiating settlements for you.

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