My mother who lives in Florida co-signed for a loan to get a car in Indiana once car is paid off can a judgement go through to get money to pay those past due credit card bills? One person who owns the car lives in Florida, the other one who owns the car (me) lives in Indiana.
2007-03-17 15:18:49 · 3 answers · asked by jcanime@sbcglobal.net 2 in Business & Finance ➔ Credit
It depends on where the car is located and who the judgment is against. Different states have different rules on what properties are exempt from liens after a judgment. In some states you can keep one car, in others cars are not exempt.
2007-03-17 15:36:12 · answer #1 · answered by Ti 7 · 0⤊ 0⤋
No. The car is not in jeaopardy as credit card debts are typically unsecured debts and even if they were secured, you would only lose the CASH deposit you placed in a savings account as collateral.
The car is and never was in jeaopardy for your financial transgressions involving poor use of credit cards.
2007-03-17 19:41:15 · answer #2 · answered by DaMan 5 · 0⤊ 1⤋
The judgement is against a person. The courts may use whatever remedies they feel necessary in order to get cash to satisfy the debt on the behalf of the party who wins.
2007-03-17 15:23:19 · answer #3 · answered by Venita Peyton 6 · 0⤊ 2⤋