Judgment and my cars

What is the name of your state?NY
I defaulted on credit cards as a result of being laid off from my job. A collection agent got a judgment against me for a little over $15,000. They put a freeze on my bank account and took my money which was $1,551. I am making payments on two cars (2000 Hyundias). Both cars are in my name. I make payments on one and my ex is making the payments on the other. She has a paper I signed that says I will sign the car over to her once the loan is paid. Payments are up to date.The cars are worth roughly $4,800 and I still owe $3,300 on each. I want to declare bankruptcy but won't have the money to afford it until late January or early Feruary. Collection agent sent me a letter that they are doing an asset search and can have my property seized. The bank that I got the auto loans from has a lien on the cars and its listed on the title. Can the collection agent take cars that I'm up to date on and a bank has a lien on? Any info would be appreciated

[Ladynred]

Not likely, no. If you have not filed your exemptions yet, you need to do so ASAP. The rough estimate you have on value isn't good enough and you're probably high. Chances are the equity in both cars is completely exempt. They don't want cars, they depreciate too quickly and wouldn't worth anything after they paid off the lender with the liens.

How do I file exemptions. I'm broke and can't affortd a lawyer until Jan-Feb

[Ladynred]

You don't need a lawyer for this. Call the court where they have the judgment and get whatever forms you need to claim your exemptions from judgment.

If I undestand right, in NY a vehicle that has less then $2400 equity is exempt from chapter 7 bankruptcy. I don't know if that applies to 2 cars. Also I didn't know one could file exemptions from judgments. I actually have two judgments against me from two different lawyers for two different credit cards. Do I have to get the exemptions approved? Is there instructions with the forms? I've never had any legal or lawyer dealings in my life other then 1 time in local traffic court over a speeding ticket. I'm 50 yrs old. This is a mess. Had credit cards, loans, etc. since the '80's and was never late or behind until I was laid off for 8 months in 2002. Found a job that paid half of what I was earning. A residual effect of the 9/11 disaster. Thanks for your help.

[Ladynred]

There are definitely exemptions from judgments !! In many states, the same exemptions for bankruptcy applies to judgments too.

NY has the following exemptions from judgment:

[url]http://assembly.state.ny.us/leg/?cl=16&a=41[/url]

You want Section 5205 on that page of the NY Consolidated Laws.

I looked at the NY laws. There is no mention of vehicles being exempt but from what you said earlier, I gather there is little chance they would come after my cars. The other thing is why do I need to file exemptions if the law says that , for instance , my household furniture is exempt? The law states what is exempt so what am I filing for. Do I have to list the exempt item for it to be exempt? Sorry for my ignorance and I appreciate your help