Legal Question in Credit and Debt Law in Texas

Debt Collection/Vehicle Repo

My husband and I have run into serious financial difficulty. We started a business apprx 4 years ago & closed it apprx 2 yrs later. Needless to say, we ended up in major debt - mostly credit card & personal loans. Unable to pay, we stopped paying all debt under my husbands name only - 2 mastercards, 1 amex, 2 store (best buy & target), 1 personal loan and 1 vehicle (now repo'd). Of coarse we have been receiving phone calls and letters from collectors. Now they are starting to threaten lawsuits. The house and remaining vehicle are in my name only. Are we at risk for them taking my house or vehicle or garnishing his wages? If so, if we ''legally'' divorce, will the house and vehicle still be in danger? (I say ''legally'' because we would divorce on paper but still live together as husband/wife because other than this debt, our marriage is fine.) Please provide any advise/help...I'm really starting to get scared.


Asked on 8/29/08, 11:06 am

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: Debt Collection/Vehicle Repo

Don't DIVORCE...work it out. If they sue, talk to a lawyer...but if they get a judgment, they cannot take your home nor most expempt property..such as one car each...nor garnish wages..but could get bank account unless in the name of you and others..or as Trust for your family..etc..It will work out..as long as you keep trying

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Answered on 8/29/08, 11:57 am


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