Legal Question in Credit and Debt Law in New York

vehicle seizure

Hi,

I have several judgements against me personally for failing to pay my credit card debts. My wife works and owns the single vehicle we have, however, it is still registered and insured in my name since I drive it more often than she. Can the creditors seize this vehicle (Linclon LS 2000 value $5,000?) because it is registered in my name?

Thanks for your time.


Asked on 11/12/07, 1:54 pm

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: vehicle seizure

Yes. Since you have title to the vehicle a Judgment Creditor may seize the vehicle to help pay for the Judgment.

Mike.

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Answered on 11/12/07, 6:37 pm
Guy Lewit Guy Mitchell Lewit, Esq.

Re: vehicle seizure

How can she own the vehicle if it's registered in your name? Most credit card companies will not pursue a vehicle to seize it to satisfy a debt...the process is expensive. Best to settle with the credit card company who sues you with a long term payment arrangement. Also, transferring the car NOW would be considered a fraudulent transfer and your creditors could probably reverse any transfer of property...

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Answered on 11/13/07, 12:25 am


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