rbshrestha Posted February 13, 2005 Report Share Posted February 13, 2005 Hi all,Discover bank has judgement against me for $8000. Can they seize my car in order to get their money? I would really appreciate if anybody can help me out in this regards. Rajit Link to comment Share on other sites More sharing options...
codename_fortyseven Posted February 13, 2005 Report Share Posted February 13, 2005 Depends on the state, I believe. They probably won't be able to sieze or force the sale of your primary mode of transportation. What state are you in? Link to comment Share on other sites More sharing options...
rbshrestha Posted February 16, 2005 Author Report Share Posted February 16, 2005 I am in Somerville, Massachusetts. Please help me out Link to comment Share on other sites More sharing options...
LadynRed Posted February 17, 2005 Report Share Posted February 17, 2005 How much is the car worth (BLACKBOOK value) ? Is it financed ? How much do you owe ?? Not all states let you keep your car just because its your primary mode of transportation. If you can't exempt it, then they don't care. Unless your equity in the car exceeds the MA exemption, then they can't touch it, but you MUST file your exemptions. Link to comment Share on other sites More sharing options...
Jackiej Posted February 17, 2005 Report Share Posted February 17, 2005 I live in Michigan, I have a 98 Grand Prix thats paid off. Could they take that?Thanks Link to comment Share on other sites More sharing options...
rbshrestha Posted February 18, 2005 Author Report Share Posted February 18, 2005 Actually my car is financed and its book value is $12000. What do you mean be exemption. Please respond. Link to comment Share on other sites More sharing options...
LadynRed Posted February 18, 2005 Report Share Posted February 18, 2005 Book value is NOT what you want to go by. You want to get a BLACKBOOK price. http://www.carquotes.com/blackbook.aspSubtract the value you get from the amount you owe. Subtract for any repairs it needs, tires, etc. and what's left is your equity. If the equity is more than your exemption, then you have a potential problem. Exemptions are what can NOT be taken from you in a judgment or bankruptcy. The property on the list, some up to a given dollar amount is safe. Anything NOT on the list or above the stated allowance is fair game.The MA exemptions from judgments are here:http://www.mass.gov/legis/laws/mgl/235-34.htmIn order to keep the Sheriff from showing up at your door with order to sieze non-exempt property you MUST claim your exemptins and file them with the court. Link to comment Share on other sites More sharing options...
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