I'm thinking of stopping payments on my credit cards. I'm married live in p.a. My income is S.S. disability about $1700 a month. Wife lost job of 38 years. House is in both names but the mortgage is in her name only.Credit cards in my name! My income can cover house payment and related home costs only, I can't keep up payments on cards ! If she can"t find a job making at least $50000 a year I'LL have to stop payments. I was told by freind that I was Judgement proof , they could not collect on a judgement?? True or false and why???
If your wife is unemployed and you're on federal disability then there's nothing to garnish. If you have lots of assets, they might try to come after those, but that's hard to predict without knowing more details. Hopefully you won't have to choose, but if you do, always feed yourself and your family before you feed the bank.
You may wish to consider moving the house into just your wife's name. If it's in your name -- regardless of any liens -- they can go after it. You may be somewhat comforted to know that in Pennsylvania, all wages are 100% exempt. Doesn't matter if it's SS or private employment; a creditor / debt collector can not touch your paycheck. I believe that SS wages are exempt from garnishment, even after they've been deposited into your bank account. However, I'm not 100% positive on this. But I am 100% certain that in Pennsylvania, no paycheck -- regardless of source -- may be garnished, except for child support.
