How to determine if you are totally judgment proof...

[lalap123]

Okay, the debt is all in my name. I am financing a car but it has little equity (around the amount that could be exempt when I file BK), and our mortgage is in DH's name only. However, my name is on the title to the house.

If my creditors pull my credit report to see if they want to sue or not, and they don't see the mortgage listed, will they still try to find out if I'm on the title and if so can they still place a lien on the house? Also, could they come after the little equity in the car? I'm not really working, but how do they know this for sure (in other words, last May I was making around $80K salary but have left that job...how do they verify that I'm no longer working???)

[justbroke]

They will do what they call an asset investigation. This will include looking at the public record to see what you own.

Guess what... you are not judgment proof. They will lien the home.

[albacore44]

They will do what they call an asset investigation. This will include looking at the public record to see what you own.

Guess what... you are not judgment proof. They will lien the home.

Now lets just say for arguments sake you transfer all your assets (titles) into your son or duaghters name. Now i know that is a no-no if your going to file BK as the Trustee will think your trying to hide assets. But lets say you transfer the titles, but when you file BK, you still declare them as assets, that you own. now that would satisfy the trustee as you are declaring assets, but it potentially would keep a collector from filing a Lien. Not sure if it would fly.........but just a thought.

[lalap123]

I'm not trying to run away from them but am just hoping to buy myself six months until I can file (already behind 2-3 months). Would the equity in my house prompt them to file suit any faster? Could this explain why some people get served earlier than others?

[justbroke]

I'm not trying to run away from them but am just hoping to buy myself six months until I can file (already behind 2-3 months). Would the equity in my house prompt them to file suit any faster? Could this explain why some people get served earlier than others?

I don't know about Georgia, but in some States (Florida namely), the equity in a homestead is protected.

albacore44, I don't know what to say about asset protection.

[EricaCallaha]

In response to Albacore44...it will not fly. Our lawyer grilled us on any property transfer within the last 10 years. Thankfully we had none. He really wanted to make sure because this is a big no-no. Even if you transfer within that 10 window...you have to explain to the trustee as to why. How would that sound, "Well, I transferred it so the creditors wouldn't get it." I am pretty sure that you should leave it alone.

But to the OP, I think you have the time. Start talking with attorneys with free consultations now and start pulling your numbers together. By doing this, if by the off chance you get notice of a suit, you can file quickly and have everything in place. But keep this in mind, a lot of people are in the same boat as you and the courts are crammed with these sort of cases. Don't let them bully you. Even if somebody says that they are going to sue you, it is going to take at least 30 days for them to even get their ducks in a row to serve you.

Good luck...