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Leans on accounts-

I've been asked a question recently that I wasn't able to answer-

The situation is a woman with debt.

She would like to start a plan for savings in case her husband finds himself out of work- like many are these days. We aren't talking about enough money to really pay debt off, just a safety net to make sure that staples could be purchased, a months rent- you get the idea.

If she puts it into a regular savings account, she fears that those she owes will be able to place leans on it- ie take it away.

She wonders if there are other ways to stash it away so it couldn't be touched, such as a CD or something. A place where she can get it relatively fast, but debtors can't get.
Any financial consultants out there?
My apologies for anyone that doesn't agree, but even those in debt have to make sure they'll be able to eat and have a place to sleep
Any kind suggestions welcome!
The state she resides in is CO.

Answer Question

Asked by Anonymous at 6:19 PM on Jun. 9, 2009 in Money & Work

Answers (5)
  • i really don't know a way to put it into a bank that they can't have access to if they get permission from the courts. so i would suggest maybe a lock box at the house, the old stuff it in the mattress deal. we have a secret stash under the bed in a lock box that has two keys to it, both of us know where one key is, don't know where the second one is, and if we decide together we need to access it than we will let the other know where the key is. (its also written down and given to my father, he is the one that has extra copies of wills case something happens to one of us) the stash has enough for two months of bills, groceries, gas etc...we are in the same situation debt wise and didn't want to get a big savings going only to lose it before we could pay someone.

    Answer by vabchmommy at 6:27 PM on Jun. 9, 2009

  • get a lock box or small safe to go in your home. you can get them any where i think wal-mart even sells them. put as much money as you can in it and i will always be were you can get to it. your not alone.

    Answer by rose549 at 6:41 PM on Jun. 9, 2009

  • I guess only cash kept your home safe would be undetectable....but a LIEN is only used in case of way past due debts or IRS wanting you to pay . If she is worried about her husband being out of work, suggest to her that she get a job and start saving so they won't have any worries about paying bills. If bills are'nt paid your credit rating tanks and you will be out of luck.

    Answer by Anonymous at 6:44 PM on Jun. 9, 2009

  • original writer-
    Sorry about the spelling- I wrote it on the fly. I think anonymous missed the point- there is a desire to start saving, but the savings is just for a safety net. She's not entirely out of work, but her husband's paycheck is the main household income. Why she isn't working more is a long story. If the savings were to get to a point of a amount to pay off past debt, then the situation is different. At this point any savings wouldn't be that big.
    In fact, from what I understand she's been advised that paying off debts once they are a certain age and status, only hurts your credit rating if payments are made on them.
    This isn't a situation at this point of worrying about a credit score, it's worrying about being able to eat and having a place to live if the main paycheck is lost-
    I don't think the homeless shelters need more people.
    Thanks for all the advice- you in particular rose549- I'll tell her-

    Answer by Anonymous at 9:02 PM on Jun. 9, 2009

  • maybe she could put it in an account in her kids' names?

    Answer by princezzmommie at 8:14 PM on Jun. 10, 2009

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