Legal Question in Credit and Debt Law in New York
Husband's student loans and buying new apartment
I am marrying my fiance in September. I am debt-free, and he has about $40000 in student loan debt. We are buying an apartment together prior to marriage, mostly with my money. If I read these threads correctly, collections agencies could come after the apartment in the event that the loans go into default or collections, correct? In other words, the apartment (bought under both of our names) could be considered common property, and therefore at risk?
1 Answer from Attorneys
Re: Husband's student loans and buying new apartment
Collection of judgments against jointly owned residence property is not practical. By the time a judgment is obtained, there will have been two proceedings, with (usually) enough time to either settle the debt or separate the assets to avoid judgment levies. Particularly with student loans where it is a monthly amount due, that is an unlikely scenario. Al;so, if it is jointly owned only hjalkf would be an attachable asset.
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