Q: I am now a judgement debtor in NC. I am trying to protect 2 cars outside of bankruptcy. Neither has alot of equity.
The first is worth 13k with a 10k loan, jointly owned. The second is worth 4k owned by me alone with no loan. I can't imagine either car being worth taking. Which car is in more danger of being taken, if any?
Also, my house is protected by TBE. Do I get a wild card exemption or is that just inside bankruptcy? Thanks in Advance.
A: You do receive a wild card exemption. Be careful with your estimate of car values. Use "retail" value, not trade in. A creditor does have the ability to request the Sheriff take a jointly owned car or a car with a lien on it when enforcing a Writ of Execution, so it can happen. Whatever you do, do not pay the car loan off early. You should consider having a consultation with a consumer bankruptcy attorney for a full explanation of what property is exempt and how to protect yourself. Many offer free consultations.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
