What assets can the court seizefor a $6,000 credit card judgement?
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What assets can the court seizefor a $6,000 credit card judgement?
I would like to know whether I need to retain a lawyer now, what type of bankruptcy I should file should I file? I own 2 vehicles and I also own 2 firearms. I am planning on trading them for a motorhome so I can have a place to live. Is this OK? Will the courts allow this? I am only 23 years old and barely make enough to survive. Also, I’ve had the opportunity to trade two of my vehicles recently for a motorhome. I will be living in this motorhome as I need a house and a roof over my head. Will this be feasible or will the court take this away from me?
Asked on January 18, 2012 under Bankruptcy Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states in this country, certain assets of a judgment creditor are exempt from levy by statute. Typically one car worth less than $8,000 is exempt as well as one's wedding ring, retirement money in an IRA or a 401 k, social security checks and other specifically stated items.
The firearms and the one car would not be exmpt from levy regarding the $6,000 judgment against you. If the motor home is less than $8,000, it should be exempt from a levy by the judgment creditor.
You can transfer your assets that are not exempt from levy into an item that might be exempt from levy. I suggest that you might consider entering into a written monthly payment plan with the judgment creditor that you can afford so that you do not have to worry about your property being levied upon.
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