judgment

[mselin]

What is the name of your state? CA.
I am single, I am older, no work, nomoney in bankaccount, house under Declaration of homestead, getting help from kids.
If I now get a judgment against me from creditors what can they try to take and what can't they take ?
Thank for answering.

[Debt Guy]

The common phrase is "judgment proof" -- although no one is truly judgment proof.

Each state allows debtors to exempt certain assets from attachment by a judgment creditor. In CA:

1. Wages can be garnished.
2. Real property can be attached -- the first $50,000 to $100,00 of equity is exempt -- amounts over that can be attached -- if homesteaded they cannot foreclose but you will not be able to sell or refinance without dealing with the judgment.
3. $2300 of equity in your auto is exempt -- over that can be seized and sold
4. there will be some exemption for personal property (clothing, household goods, etc) -- but generally creditors have no interest in such things
5. Bank accounts can be levied.

Judgments last a long time -- typically 10 to 20 years.

Bankruptcy might be a better option. A bankruptcy lawyer will give you a free consultation to see if it makes sense for you.

[mselin]

Originally Posted by Debt Guy

The common phrase is "judgment proof" -- although no one is truly judgment proof.

Each state allows debtors to exempt certain assets from attachment by a judgment creditor. In CA:

1. Wages can be garnished.
2. Real property can be attached -- the first $50,000 to $100,00 of equity is exempt -- amounts over that can be attached -- if homesteaded they cannot foreclose but you will not be able to sell or refinance without dealing with the judgment.
3. $2300 of equity in your auto is exempt -- over that can be seized and sold
4. there will be some exemption for personal property (clothing, household goods, etc) -- but generally creditors have no interest in such things
5. Bank accounts can be levied.

Judgments last a long time -- typically 10 to 20 years.

Bankruptcy might be a better option. A bankruptcy lawyer will give you a free consultation to see if it makes sense for you.

Thank you for your answer.
I don't have a car and there is not any time money in my bank account.
I run into bad times as I got older.
So they would live pictures and memories alone?
You mentioned clothes.
What kind of cloths are we talking about?
And what kind of household gods are we talking about?
Thank you.

[Debt Guy]

they don't want your clothing and furniture -- it only sells for garage sale prices -- costs too much to even mess with

Pictures and such are exempt