Legal Question in Credit and Debt Law in California
My husband had a judgment entered against him prior to our marriage. The creditor is willing to settle for a lesser amount if I pledge to hold my separate property liable for the debt.
Can I contractually do this? (I understand the legal ramifications of doing this, its the only way the creditor will be willing to sign a settlement agreement)
2 Answers from Attorneys
Your question implies that this is going to be a payment rather than a lump sum payment. What you really seem to be asking is whether your can use your property as collateral to secure payment of a the payment plan. Yes, you can do this. However, I do suggest consulting with an attorney to determine if this something you SHOULD do.
How old is the debt? Do not pay a dime if it is over 4 years old. Contact me directly.
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