Judgment Lien On Jointly Owned Property In Clark
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FAQ
Nearly all household goods, furniture, family heirlooms, clothing, personal jewelry and retirement accounts are also exempt from creditors in bankruptcy. Life insurance policies are usually exempt, as well as 529 college savings plans. As to wages, Nevada law allows you to shield 75% of your income from creditors.
The short and legal answer is YES, the creditor can force the sale of that half interest, but normally they won't. Part of the reason is that half of a property is not worth half of what the property is worth.
Nevada laws carve out a long list of property exempt from execution. Below are some examples of exemptions: Necessary household goods, furnishings, electronics, clothes, yard equipment, and other personal effects up to $12,000 in value.
Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.
Liens on jointly-owned property If the married couple or joint owners of a property do not have a tenancy by the entireties title, any lien can attach to the person's interest in the property.
The joint account held in the entireties, therefore, cannot be attached by a statutory lien, without the prior permission of the non-debtor account holder.
This also means that you and your spouse share liability on debts, whether you signed for that debt or were included as a judgment debtor. Consequently, a judgment creditor of your spouse may be able to file a lien against real property that you jointly own with your spouse.
