Brevard, NC asked in Collections for North Carolina

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.

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1 Lawyer Answer
Lynn Ellen Coleman
Lynn Ellen Coleman
  • Licensed in North Carolina

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.

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