What assets are at risk regarding a judgment for credit card debt?

UPDATED: Jun 24, 2015

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What assets are at risk regarding a judgment for credit card debt?

A 74 year old woman has social security income, money in a 401k, some small savings ($2,000) and a 10 year old car owned free and clear. She also has $10k in credit card debt and just can’t afford the monthly payment anymore. She lives with her daughter and son-in-law, and is part-owner of the home with the son-in-law. If she stops paying the credit card, is she judgement proof? If a judgement is filed against her, can they put a lien on the home or take any of her income or belongings?

Asked on June 24, 2015 under Bankruptcy Law, Pennsylvania


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

1) If she is part owner of the home, then yes, a lien may be put on the home, which will affect her interest, not that of her co-owners.

2) Her car is most likely not worth much (10 years old) but could be executed upon (seized).

3) The $2k in the bank is vulnerable.

4 Most imporatantly, thought, social security and 401s cannot be garnished or seized.

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