I have a recent civil court judgment against me for about $30,000. I am on the age pension and have no savings and own a 1998 model car worth about $2,000. I do own a property as a tenant in common with my sister. It is worth $1 million and I own 70% and she owns 30%. We both live there with her two sons. There is a mortgage of $530,000. My sister is not liable in any way for my judgment debt.
My sister is employed and pays most of the mortgage. I contribute what I can leaving me with little pension income left over.
I would like to know how likely is it that the judgment plaintiff can attack my equity in the property and force it to be sold. I have the option of offering an instalment payment plan but the amount I can afford will take many years to pay off the debt.
If my sister refuses to sell her share in the property and the bank declines to force a sale because the mortgage is current what can the creditor do if he doesn't accept an instalment plan?
My sister is employed and pays most of the mortgage. I contribute what I can leaving me with little pension income left over.
I would like to know how likely is it that the judgment plaintiff can attack my equity in the property and force it to be sold. I have the option of offering an instalment payment plan but the amount I can afford will take many years to pay off the debt.
If my sister refuses to sell her share in the property and the bank declines to force a sale because the mortgage is current what can the creditor do if he doesn't accept an instalment plan?
