QUESTION
Can they come after my home or cars over a $2000 judgment?
Asked on Apr 01st, 2013 on Bankruptcy - Michigan
6 ANSWERS
Family Attorney serving Henderson, NV
at
Harris, Yug & Ohlinger
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Not in Nevada assuming your home is worth less than $550,000.00 and your car is worth less than $15,000.00.
Answered on Apr 02nd, 2013 at 12:20 PM
Theoretically, yes. But in reality it is too expensive for a creditor to do either. The amount in question is too small.
Answered on Apr 02nd, 2013 at 12:19 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the exemption laws of the state where you live. Each state has a list of exemptions, which is property that is protected from creditors. Exemptions differ dramatically state to state. You can also talk to a good bankruptcy attorney in order to determine your rights.
Answered on Apr 02nd, 2013 at 12:19 PM
Bankruptcy Attorney serving Traverse City, MI
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Patrick S. Fragel, Attorney at Law, P.C.
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If the creditor has a Judgment, he can obtain a Writ of Execution from the Court and have your personal property siezed and auctioned at a Sheriff's sale. The auction proceeds will be applied to the Judgment debt.
Answered on Apr 02nd, 2013 at 12:18 PM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
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In theory, homes and cars are subject to payment of judgments. There is a homestead exemption ($15,000) for a home and a $2,400 statutory exemption for a car, plus a $4,000 wildcard exemption that can be applied to any property. As a practical matter, the cost of enforcing a judgment against either is not economical for a $2,000 claim. For example, to foreclose a lien on a home, the creditor would have to pay you the homestead exemption, sell the property, and account to you for any proceeds in excess of the judgment.
Answered on Apr 02nd, 2013 at 12:18 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Yes and yes.. However they cannot sell your house out from under you they can put a lien on it. As to the car, it depends and you can always file a motion for installment payments which will forestall collection actions.
Answered on Apr 02nd, 2013 at 12:17 PM