Legal Question in Credit and Debt Law in Michigan

Re: What can they do or take from me

Creditors may be able to secure a judgment against you and take certain actions, i.e. garnish your wages or have you sell certain assets to pay them back. Is your house secured by a mortgage? Are your vehicles? These are important questions - feel free to contact me at 248.569.1900.

Re: What can they do or take from me

Generally, when a creditor obtains a judgment against a debtor, they can garnish wages, income tax returns, bank accounts, investment accounts, execute against personal property such as vehicles, boats, rv's and other personal property. If a debtor owns real property in his/her name a lien may be attached and foreclosed. Bankrutpcy law allows a debtor to keep up to $17,425.00 in equity in his/her house, approx. $2500 in a care and the law also provides for other exemptions allowing a debtor to keep most if not all of his/her personal roperty. If the debtor is married and both husband and wife file, the exemptions are doubled.

Depending on your situation, it might be in your and your spouse's best interest to file either an individual or joint petition and get a fresh start. If you would like to discuss this in further detail call me at 586-979-7302 or visit my website at www.ziulkowskilaw.com where you will find answers to frequently asked questions and a free on-line bankruptcy evaluation.

Good Luck.

Re: What can they do or take from me

A creditor who obtains a judgment against you in court may pursue your assets, which may include your house, car, bank accounts, tax returns, etc. Note that unless your wife (and parents) legally share some or all of the credit card debt with you (i.e. she is/they are joint account holders), the house is probably safe from the unsecured creditor(s), irrespective of bankruptcy. However, you may wish to consider bankruptcy based upon the facts recited. -Greg (www.lawgreg.com)