If a car finance company has a judgement for nonpayment, what assets can they take?
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If a car finance company has a judgement for nonpayment, what assets can they take?
I have another car but it has a lien (by another company), can they take it?
Asked on August 23, 2011 Louisiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If there is a judgment against you for a credit card debt, the judgment creditor can levy upon your bank accounts and/or garnish a percentage of your wages of your pay check each week until the judgment is paid off in full which include all allowable cost and accrued interest upon it.
Most states have exemptions against the levy of automobiles worth up to a certain amount as part of the levy process. You need to do some research as to your state's laws as to what is subject to a levy for a judgment collection and what is not. Depending upon the amount that your vehicle is worth, it may or may not be an item that would be allowed to be levied upon.
If you can make monthly installments to pay down the judgment through a written agreement with the judgment creditor that would be a good way to resolve this debt.
Good luck.
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