i have over 15000 in credit card debts.my wife hasa 15000. both are individual. our house is in both names. can the creditors take the house ? can i transfer the house in my 2 childrens name and avoid take over by anyone / THANKS.
Yes, a creditor can eventually seek to seize your home, however, under the circumstances, it would be quite difficult for them to do it successfully.
I suggest you speak to an attorney who specializes in debt issues and see what they recommend to you. You may be surprised at how much can be accomplished for you by a good attorney. It would be worth it just for the peace of mind.
In order for a creditor to take your house, they must first sue you, win a judgment and file a judgment lien against your house. Until this happens, they cannot do anything to your house. Even if they did file a judgment lien on your house, if you have a mortgage on the house, they are not going to stand much chance of getting paid if they were to try to foreclose on your house. Often times Judgment liens just sit on the house until it is time to sell the house rather than trying to foreclose. This is just how it works generally, you definitely want to speak with a Pennsylvania attorney as to what else you might expect in your state. It is generally not a good idea to transfer property to others' names just to avoid a debt as states have fraudulent transfer laws.
In order to "take your house" the creditor(s) would have to file a complaint, obtain a judgment and then try to execute on that judgment against your assets, including the house. Typically, they would not go to the last step but would rather allow the judgment to sit until the house is transfered at whcih point in time, it would have to be paid in order to transfer clean title. A chapter 7 bankruptcy could be a viable option to eliminate the credit card debt depending upon the extent of the equity in your home and other factors. You should contact an attorney as soon as possible to discuss your options.