Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
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In a situation like this, the fence would be a personal debt of granddaughter and if you co-signed, you would be liable to pay it if she defaults on the payments. However, if you don't have any assets like non-retirement savings, paid off vehicles, land, or substantial equity in your home, then there is not much they can do to you.
They could sue you and spend several thousand on an attorney, but they can't garnish your SS. So if you don't have any other assets, you are essentially "judgment proof" meaning they can sue you, but they won't be able to collect on the judgment.
How much equity do you have in the home? What is it worth?
I don't send out the phone call offers...those are automatically generated by JustAnswer.. And I don't see any necessity for one here..
Since you have about $150K in equity, you will be able to entirely protect the house and any equity in it as long as you record a "declaration of homestead" and file it. This allows you to protect up to $500K in equity.
This is the form you need to file: Declaration of Homestead
You are very welcome. Glad to help and to hear that you already have a homestead declaration in place so it will protect the home.
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