Asset Protection
Protecting Your Assets
Keep Separate Accounts
If you're married and have a joint bank account, that account can be levied by creditors seeking to satisfy a judgment. If you are the sole person responsible for the debt—meaning the credit card account was in your name only—then they can only go after accounts with your name on them. If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), a judgment creditor can go after you and your spouse's accounts and income. All the more reason to keep accounts separate and harder to find.
> Keep a Little Cash on Hand