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Can they take my hubby's money?


lovebugz
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Hi. I have a student loan from 1995 that went unpaid as of 1998. I recently viewed my credit report and it stated that it was recently reported to the government. I also have about 5 unpaid credit accounts, all past the s.o.l. but have been sold to collection agencies within the past couple years.

I was married in 05 and have been hesitant to add my name to my hubby's bank account because of this. So, my questions are:

1. If I add my name to my hubby's bank account, can these collection agencies put a hold on his money? All the money that goes into his account is his as I am a housewife and have no income.

2. This year for our taxes we wanted to file as married filing jointly. I have no income, all the money made this year is his. Since I have an unpaid student loan, can the government take money from our return in order to satisfy my loan?

If anyone could help me I would really appreciate it. Thanks!

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If I add my name to my hubby's bank account, can these collection agencies put a hold on his money? All the money that goes into his account is his as I am a housewife and have no income.

IMHO, I would advise against adding your name to any of his accounts at this point. Even if the money is only his, the account can be attached since your name is on it if you get sued and they receive a judgement. Its too much of a hassle to prove none of the money is yours etc to get it back. You can try doing a search here on this board for others who have had joint accounts attached. Its a pita to get the funds back.

This year for our taxes we wanted to file as married filing jointly. I have no income, all the money made this year is his. Since I have an unpaid student loan, can the government take money from our return in order to satisfy my loan?

IMHO, I would also advise against filing joint returns. Since a claim has already been filed with the govt for your defaulted student loans, I think any returns filed with your SSN on it could be taken. My hubby had defaulted SL that had claims filed with the govt prior to us being married. Every year they took his returns. When we got married, my tax guy advised against filing joint returns because he said they would take it. Why take the chance. So I filed head of household and he filed separately by himself and sure enough they took his returns. Well in '05 we entered him into a rehab program so hopefully we will not have that problem on this years tax returns.

If the experts have better advice for you, I'm sure they will chime in.

Good luck.

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I also have student loans in default and the only income was my husband's. You can file a joint return, but you also have to file an "Injured Spouse" form (IRS Form 8379), which entitles the spouse without the loans in default to his portion of the tax refund (that refunded from his income). You can file it right with your taxes, I got our refund last year when I filed it with my regular tax forms electronically.

Anisah

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I would speak with your accountant about the tax stuff- My CPA advised me not to change my name and file seperately. I didn't listen filed joint and injured spouse - IRS declined the "injured spouse" claim :evil: and I have not seen a refund in 4 years. DH owed 26k in back taxes from 1998 we got married in 2001 I sold my interest in a family owned home later that year filed for an extension on taxes that year but my CPA had me pay estimated taxes which I did - my 10k overpayment went straight to pay off my new husbands back taxes.

What kills me is the wife he was married to in 1998 gets a refund every year. :x

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My CPA advised me not to change my name and file seperately. I didn't listen filed joint and injured spouse - IRS declined the "injured spouse" claim :evil: and I have not seen a refund in 4 years.

As for taxes, that is absolutely right!!!

Creditors are severely limited in what they can do because a credit report ONLY belongs to one person. Joint credit accounts change all of that but in essence, creditors can only target you.

Uncle Sam has no such limitations. They can deny any request and they can take whatever they want and refunds are an excellent source of them getting repaid.

As for joint bank accounts, that is something I have never really understood. I am the sole bread winner and my wife is a housewife and we have EVERYTHING separate. And there is no friction or conflict about that.

But for a lot of other couples, that is a big deal. If you are in a bind like this, keeping everything separate makes sense and it in no way diminishes the value the financial aspect of a marriage.

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I agree with all of them.

But, I will add that the accounts you claim to be SOL would be the first things I'd attack now. If they are just reporting on your CR, file a dispute as not yours to see what happens. Sometimes they get deleted, which means all gone. Other times, it causes the CA to come out of the woodwork and start sending letters again. If they do, then you respond with the C&D as to the debt being timebarred, etc., and they must close, delete, and not sell or transfer, otherwise, you will sue them, and so on. This sometimes sends them packing, or, for the idiots who sue, you would use it as a defense and, again, they are gone.

As to the loan, I would get busy and find a way to get this paid or make arrangements to pay off over a period of time. Remember, this will not go away until paid.

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Thanks everyone! The joint bank account is not a priority, the only reason we wanted to do that was to get a check card in my name as well (I have been using my hubbys for groceries etc. for several years and he has been without one).

As for the student loan. The reason I wanted to file jointly is because we would get a lot more money back that way. I have $0 income. Is it worth the risk of filing as I was planning and see what happens? If they do take my hubbys return then file the injured spouse? So confused! Thanks again!

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