Seizure of assets

What is the name of your state? North Carolina. A company has a judgement against me, and is threatening "to seize and sell any non-exempt assets". My questions is: Is my personal car a non-exempt assets? If not, what should I do with the car to protect it?

[JETX]

Here is a list of exemptions for North Carolina:

"Homestead: Homestead real or personal property, including co-op, used as residence up to $10,000. Up to $3,500 of unused portion of homestead may be applied to any property.

Pensions and Retirement Benefits: Funds exempt for firefighters and rescue squad workers, legislators, law enforcement officers, municipal city and county employees, teachers and state employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, but subject to statutory liens and consensual liens.

Insurance: Fraternal society benefits. Employee group life policy or proceeds.

Miscellaneous: Business partnership property.

Personal Property: Animals, crops, musical instruments, books, clothing, furnishings, household goods up to $3,500; may add $750 per dependent, up to $3,000 total additional. Burial plot up to $10,000 in lieu of homestead. Health aids. Motor vehicle up to $1,500. Personal injury and wrongful death recoveries for person who supported you.

Public Benefits: Unemployment compensation. Workers compensation. AFDC. Special adult assistance. Aid to blind. Crime victim's compensation.

Tools of Trade: Tools and implements up to $750, if not purchased within 90 days of filing.

Wages: Earned but unpaid wages received 60 days before filing for bankruptcy, needed for support.

Wild Card: $3,500 less any amount claimed for homestead or burial exemption, for any property. "

Anything not listed above, or in excess of the above amounts... is subject to seizure and/or lien.

Thank you so much for the information.
My questions is: If I have a vehicle that its list value is $2,200, could the company that has a judgement against me sell the car for $2,200, as long as, they reimpurse me the $1,500?

[JETX]

First, I need to point out the obvious.... my business is enforcing judgments, so I am a little biased in this, but offer the following in an attempt to explain the process to you:

1) A judgment is not like a 'normal' debt. It has already been adjudicated and a court has determined that you owe the claimed amount.
2) This judgment does not just 'go away' if you ignore it as a normal debt does. For example, in NC, it is good for 10 years (some states allow renewal). And it accrues interest until paid at the rate of 8% minimum************** until paid.
3) As a judgment creditor, the owner of the judgment also has rights to pursue and seize your property..... that is not available to an owner of 'normal' debt.

The main purpose of the above is to show you that in the words of the Borg..... "Resistance is futile". If pursued properly by the creditor, this judgment can affect your credit rating, possible employment, ability to sell or own a house, etc. Your best approach once you have a judgment against you is to contact the creditor and try to negotiate a settlement or payment plan..... it will save you money and headaches in the future.

So, lets get back to your question...... yes.... and no.
Lets say that the creditor executes a writ (or FIFA) against you. The sheriff will come out and inventory all of your property. You will then have the right to exercise your right to claim exemptions. Anything that the court allows, will be sold in auction (usually getting about 10-20% of its 'worth'). The sheriff will then deduct his fees and the rest will go towards the judgment.... which will also increase to allow recovery of the costs of the process. If the judgment is not paid in full, the creditor gets to do it to you again..... and again..... and again. As often as he/she wants for the next 10 years. And guess what.... you get to pay for every expense..... plus interest!!

Again, I suggest that you contact the creditor and arrange to resolve this.... rather than worry about what happens to your car.

Your suggestions have been extremely helpful. I'm very thankful for this service. I have decided to hire a local attorney to advise me in my overall financial situation because I have other unresolved issues as well.

Thanks again