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  1. #1
    Join Date
    Oct 2016
    Posts
    1

    Default Collection of a Judgement in a Tenancy by the Entirety State

    My question involves collection proceedings in the State of: Oklahoma

    Hello everyone! We're in a bit of a tough spot right now, and are a little worried about things. Some history:

    Sadly, we defaulted on two credit card accounts due to health circumstances. One in my wife's name, and one in mine. We are not joint account holders on either credit card account. We do however have a joint savings account at a local credit union, and a joint checking account. All our property is in both our names as well. We have a car, and a home. I had a massive heart attack in 2013, which is how this all got started in the first place. The costs and things we went through were extreme and at the end of the day, no excuses, we defaulted. We were later sued by both card companies and entered what I believe is called "Journey entry of Judgement" (I could be wrong). Basically we agreed to make monthly payments. $350 on one that we've been paying for about 2 years now, and $250 on the other that we've been paying for about a year.

    Recently, my wife had a massive stroke. So we're back in a tight spot. I have sent this information to the law firms we are paying for each debt to ask if there's a way we can pause things until we get some breathing room again, but have not heard back. Naturally I know they don't have to do this, and probably won't. My question is, since this is a "tenancy by entirety" state, can they levy or take funds from either of our joint accounts if the debts were each only in one of our names? Can they potentially seize our car or home? Obviously I am not trying to get out of our debt. We have been paying on time and as agreed as I already said. But I am worried that they may be able to take our funds, which we need to get through this to the other side and be able to pay again. All of our income is from our Social Security, and my military retirement pay, and civil service retirement pay. I know they can't garnish those at all. Our checking account I also know they can't hit, because all the money in there comes from those sources. Can they touch our joint savings however? That's the biggest worry. We're planning to handle her care through that. There's not much there. There's no room to squeeze in our checking either. Due to my health and age it's not like I can pick up an extra job through this either. I hate that we're in this position.

    I appreciate any advice you can offer. And again, please understand - we are not looking for a way out of what we owe. We agreed to pay it, we have been paying it and fully intend to pick back up on paying it as soon as possible. But in this particular situation we simply cannot, and I am scared to death they can leave us unable to take care of my wife and our basic needs. Who knows, we may hear back tomorrow from them saying they understand and it's fine. But just in case, I wanted an idea of what we're looking at. Thank you.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Collection of a Judgement in a Tenancy by the Entirety State

    Consider consulting a bankruptcy lawyer. (Read this.)

    If you're transferring money out of an account into which you receive exempt assets, then you won't have any automatic protection of those assets and will need to try to convince a court that they are exempt should a creditor garnish the funds.

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