I have a default judgement from a credit card company to whom I owe. I won't be able to pay anything for 9 more months. I got a letter to claim exemptions. What does that mean and what do I need to do?
It appears that the creditor is seeking to collect on the judgment through the sale of your assets. What normally happens is that the sheriff will come out and collect items, personal property such as electronics televisions etc. and sell them at auction. The money that is raised at the auction would then be used to satisfy the judgment.
The law provides that certain property is exempt from this process. On the exemption form there should be categories and dollar amounts allowed to be exempt from collection. By filling out the exemption form you are protecting of that property from being seized.
Nobody likes executing on the judgment including the creditors. I would recommend contacting the person, likely an attorney, who sent you a letter seeing if a payment arrangement can be worked out.
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