I have 4 judgments against me from defaulted credit cards. I have no assets,so nothing has happened so far,but will be getting 50,000 from my mother's trust within a month. I really must use those funds for other things. Can the creditors get to that money if it is in a joint bank account legally? If it is gone within a week,can I get in further trouble? Can they even discover it was there or willed to me via her trust?
State/Country relating to question: Pennsylvania
Nothing other than telling creditors the truth,which is that severe disabilities of both physical and mental nature forced me out of work many years ago and have only $750 SS Disability per month to my name.
Thank you for your question.A creditor can still get to assets in a joint bank account. The joint account holder may ask for a hearing on the issue, but if the court finds that these assets were deposited by you or for your benefit, the court can still direct that they be seized to satisfy any judgment that may enter.If you move the money with intent to defraud your creditors, a court may consider that to be a fraudulent transfer, and order that the funds be returned. A transfer to defeat the rights of creditors is in some cases considered criminal fraud.
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In re last question,can creditors discover it was willed to me via a trust if it shows up in no US accounts?
Yes, your creditors can do an "examination of judgment debtor" in which they seek information regarding your assets and income.
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