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Case Study - Whose Claim Is It?

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Submitted By keeneye
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WHOSE CLAIMIS IT?
Anonymous
XXXX College

Author Note
This paper is being submitted on November 14, 20X4, for Hxxxxx Bxxxxxxx’s BXXX/BULXXX Section XX Business Law - 2014 Fall Quarter course.

WHOSE CLAIMIS IT?
When Alexander and Deborah married, Alexander owned a duplex in a community property state. They lived in one side of the duplex. They saved their money and bought a lake lot as tenants by the entirety. Deborah failed to pay the loans she took out from Savings Bank prior to her marriage to pay for college. The bank claimed the duplex, the lake lot and their savings. There are many cases were people have gotten their property seized due to debt of some sort. From my viewing I have only seen it regarding someone not paying their mortgage and in turn losing their home because of it. Owning a home can be tricky business if you are not careful. Once you own something it is counted an asset in the eyes of the law. There are many instances where someone has been sued and as a result had to give up their home due to the fact that their pockets could not compensate for the debt. Once Alexander and Deborah got married, legally, on paper, they became one person. Which in some aspects can be very promising, like for instance having extra income to show but not in all cases. I have seen people’s credit scores crash and outstanding debts taken on by either parties simply due to marriage. This can be very risky if you are not careful who you end up with. Not everything is beneficial regarding marriages. Anyone that is indeed married can probably tell you the same.
Now, being that Alexander and Deborah bought the lake lot as tenants by the entirety, and owned the duplex they were staying makes this makes as an asset for the couple. Whether they count it so for accounting purposes or it is at plain. This being so, when Decorah failed to pay here Bank Loan she

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