Legal Question in Credit and Debt Law in Texas

I co-signed several student loans for my son. He is now in default and I have been threatened with a judgment suit. When I signed the note I was employed and everything was fine. Since then I have been laid off. Our only source of income is social security for my wife and I. I am buying my home and have homestead exemption. The ONLY asset we have is approx $11,000 in CDs. What can a judgment do to my personal property? Should I put the CDs in someone else's name? What about my wife's jewelry, our china ware, TV, etc? I am 80 years old and have no employment prospects.

Asked on 1/25/12, 10:32 am

Mark Dunn Mark D. Dunn

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If they sue you (and they won't do this for a long, long time) and get a judgment, they can levy on your CDs, since they are non-exempt.

This is not something you need to worry about yet.

The TV, the china, and the jewelry are almost certainly EXEMPT and can't be seized to satisfy a judgment.

Believe, me it is VERY unlikely that these folks will sue you. Ever. They will "telephone call" you to death and try to scare money out of you.

Answered on 1/25/12, 12:11 pm

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