Asset Protection

What is the name of your state? CA

My brother was an authorized user on one of my dads credit cards and has let the accts fall deliquent. Yje credit card company has filed suit against my dad. My dad is 73, retired & disabled and has virtually nothing except a 1988 pick up and a few stocks that might be worth $2000. The pick up is only worth $1700 according to Kelly Blue book but in our area, they are selling as high as $5000. When being allowed a post judgment exemption, how is the value of the truck accessed? Since he has not gone to court yet, can he put his truck in my name? And what about stocks? Can the attorneys office, post judgment, take those from him?

We removed his house from his name earlier this year and besides some personal property, he has nothing else that mthat has any value. Is there anything else we should be looking at, in regards to protecting my dad from my brothers stupidity?

Thank you!

[bigun]

How long has it been since a payment was made on the account? Is there an SOL issue?
Is it possible to get your brother to pay the balance?

Originally posted by bigun
How long has it been since a payment was made on the account? Is there an SOL issue?
Is it possible to get your brother to pay the balance?

I am sure that it has been more than a year since payment has been made. My dad never used the credit card...my brother used it and all statements were sent to him. My dad had no idea that this was deliquent until he received the lawsuit papers. My brother told the credit card company that he was responsible for the bill, howeverm he never signed the application. He is simply an authorized user. And he has recently filed bankruptcy and has no money. The balance owing is almost $12,000.

I don't know what you mean by SOL.

My dads home was transferred out of his name 6 months ago into his 4 kids name, due to some health issues and he was not expected to live. The only thing that he still has in his name is his truck and a few stocks. If there is no legal reason why his truck should not be transferred to my name, we are going to do that for his protection. It is his only mode of transportation. Does a legal firm have the ability to look for stocks and seize those to satisfy a judgment?

Since the debts are basically valid ones, is there a need for my dad to hire an attorney to represent him in Civil Court with this action?

Thank you for your assistance.

[bigun]

SOL is the length of time a creditor may legally sue for the debt. In Ca. it is 4 years so, no help there.
I don't know what to tell you about transferring assets. Hopefuly someone else can help.