We are going to court soon, we were served papers of Civil Summons in regards to a vehicle loan we defaulted on. They repossessed the vehicle and sold it at auction and we are to pay the amount we owe, as I understand and as we should.
My question is, they have not asked for a list of assets, we don’t have many, a paid for truck and a small savings. We haven’t filed for bankruptcy and aren’t likely to. My husband is the sole income earner and is head of household, his taxable income was less than $20K this year.
When I spoke to the filing attorney after I received the summons, he said that they will speak to me after the judgment in court and arrange a payment plan.
Since they did not request a list of assets will they take our savings and truck? Or are they likely to entertain the payment arrangement as long as we hold good on the payments? What will happen?
So they will take our savings and truck?
If they haven’t asked for a statement of assets – do they know about it?
We do have a house – would they simply put a lien against that? Since the house is valued at 92K and we owe 63K?
Our payments didn’t come from our bank account.
Originally posted 2009-09-11 17:23:49.
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Check what assets are exempt from judgment. Use the link below. Scroll down to the heading “Exemptions”,
A judgment will not force you out of your homestead. A creditor can put a lien on it. He will be paid from the proceeds when the home is sold.
You can try contacting a lawyer. When I had a legal question, I used quicklegalanswer.com. It was fast and very cheap. It helped me with my dispute, it can likely help you with yours. Anywho, best of luck!!
you made payments on the truck so they know where you bank….if they are willing to take payments they make that deal in the hallway ..you agree to it in court and if you miss a payment they enforce the judgment….take every penny in your bank account….the judgment puts a lien on the house ….it comes off after you pay what you owe….plus attorneys fees….