Appellate Practice Attorney serving New York, NY
If you can't pay the judgment, your assets can be sold to pay it off. Certain assets are exempt from thii process, but the exemptions vary depending on the jurisdiction in which you live. In New York, for example, I believe that up to $10,000 in equity in the debtor's personal residence and up to $2,500 in equity in the debtor's car are exempt. In Florida and Texas, however, the homestead exemption is much larger. I don't know what the NC exemptions are.
Also, if you can't satisfy the judgment, you may be able to file for bankruptcy protection and, depending on the exact circumstances, you may be able to work out a payment plan which allows you to discharge the judgment while paying a portion of it over time.
Answered on Mar 16th, 2015 at 3:04 PM