Debt collection and jointly held property

[liquidmetal]

What is the name of your state (only U.S. law)? Pennsylvania

I'm having serious trouble paying my student loans and would like to know what would happen if I were to go into default and have a judgement placed against me. The loans that are at risk are private and not co-signed. I live in Pennsylvania and have been married since 2009. I do not have a car. My wife and I own a house and both of our names are on the deed. We have a checking account that is in both of our names. The only personal property I have that was owned before getting married is clothing. I also have a life insurance policy.

It is my understanding that property that is held as tenancy by the entirety is not able to be levied against in the case of one person having a judgement against him. Is my understanding correct? Is there anything that I need to do in order to ensure that our personal and real property are definitively considered to be jointly held? Thank you for your help.

 

[FlyingRon]

If you bought the property together AFTER you were married, then you are presumed to be tenants by the entirety as it is. You don't have to do anything special. Yes, you are correct that this type of tenancy avoids them going after the property for your invidual debt. Pennsylvania is also beneficial to you that your bank account is similarly presumed to be a tenancy by the entirety. They're unlikely to try to attach other items in an attempt to collect a loan debt.

The downside is that there are things that can break the tenancy: divorce, adding others to the ownership interest of the property/account. But as you are, you are safe.