Legal Question in Credit and Debt Law in New York
debt reduction or bankruptcy
I have credit card debt in the amount of 140,000.00 which I cannot pay.I have 100,000.oo in an ira plan which is my only assets.My wife has 300,000.00 in a savings acccount in her name only.Can the creditors go after her accounts and my Ira.Should I go into chapter 7
1 Answer from Attorneys
Re: debt reduction or bankruptcy
Upon Judgment issued to the creditors, the creditors may go after income received from the IRA (10%). If a Judgment is filed against your wife, the creditors may go after the $300,000 savings account.
If the savings account was originally in both names (or your name) and transferred to wife, creditors may sue under the NY Debtor Creditor law under a theory of fraudulent transfer to seek judgment against the wife.
You should talk to a bankruptcy attorney whether you should file for bankruptcy.
Mike.
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