what to do now? complicated situation. need help!

If they were to put a lein on any type of property she wouldn't lose it, she just wouldn't be able to sell it without satisfying her creditors first, or they would get their portion of the sale.

When she sold the condo wouldn't the debt have been increasing by interest piling up? Could she owe them more than the 50,000 she might get from a sale?

Depending on the type of debt and your state laws there could be compiling interest but it wouldn't be at the rate of default provided that it has charged off.

Is there a way to avoid a lien? If they get a judgement and a lien can she then declare bankruptcy and have the lien removed? Is it possible they would accept a settlement of 10 percent of the total?

Is there any way to avoid a judgement or a lien being placed on the condo? Could I put a lien on the condo for repayment of the money I have been providing her over the last 3 years? That would make me first in line and Encore second.

Here is my question (it's kinda got me scratching my head" If the ex wife owns half of a 100k condo that makes her share worth 50k and they put a 70K lien on the condo would that more or less force the other shareholder to pay the remaining 20k?

No JC, that means they will just take her 50K if she ever sells! they can't take money from someone who doesn't legally owe it!
But, i also, am kinda scratching my head on this too! :shock:
Also do u live in a community property state wall??
Ang

My wife is a 50 50 co-owner of the 100K condo. She and her stepmother each own half. My wife and I are separated. She lives in Indiana and I live in Illinois. My name is not on the debt or the title to the condo. The condo was paid for her by her father. There is no mortgage and there is no divorce unless that is necessary to save the condo from having a lien put on it.

My apologies if this is duplicated. For some reasom my posts disappear in the middle of a thread. I will try again. My wife an I are separated. She lives in Indiana.I live ib Illinois. She is a 50-50 co-owner of a 100K condo joint tenancy with right of survivorship. My wife is the sole occupant.

She has 70K in credit card debt. Encore and FMC collection agencies are sending letters of collection. The creditors closed her accounts after 6 months of non payment and turned them over to these collection agemcies.

Her only means of support is the money I send to her. This is not from a divorce decree, it is voluntary.I don't have enough to pay for a chapter 13 every month and I don't wants to have a lien (if it comes to that) put on the condo. If that happens, when she sells the condo eventually, all the equity will go to the collection agency.
Is there any way out of this?

Thank you

I looked up Indiana, and it doesn't seem to be a very consumer-friendly state. Homestead exemptions are limitied to only $7500, and $10,000 personal property.

Most attorneys, if anything, only charge the filing fee for Chapter 13, their fees are included in the bankruptcy.

The homestead exemption is now 15,000.

I guess I will just have to wait and see what the collection agencies will do next. If the go so far as to get a judgement and a lien on the condo, then I guess a ch13 is the way to go.

Under the new bankruptcy rules, my understanding is that the lien would stand on the condo because it will have already been under the jurisdiction of the courts and also constitutes a clause of repayment of debt prior to discharge. She would need to declare bankruptcy prior to the commencement of an action, so that an automatic stay would be in place.

Yet, even then, the company can still get around that by filing a petition with the courts for a special exemption from the automatic stay so as to secure their interests in the property and and move their place up in line to first in line after priority interests.