Legal Question in Credit and Debt Law in Illinois

A friend and I own a boat together. The title is in both of our names. An old debt has resurfaced in my partner's life and the collection agency has threatened to take any assets. Obviously, I am concerned about the boat. If both of our names are on title and I am not involved with his previous debt, can they take the boat or attach a lien or ????? anything worse???

Also, he has trailer which is in his name with me as the lienholder. Can they take that? Or take second position as lienholder or again, anything worse?


Asked on 1/22/11, 7:57 am

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

The boast can be seized and sold with you getting half of the sales price, less commission. Unless it is a boat worth a lot, it is unlikely that a creditor will go that far. As far as the trailer goes if your lien is memorialized correctly, then you get paid first.

Read more
Answered on 1/27/11, 11:44 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Illinois