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Will JDB take our cars?


geen schuld
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JDB (Asset Acceptance) won summary judgment against me in 2003 based on a debt I owed before I married my wife. Wife and I have separate bank accounts and both of us receive SSDI. This month JDB decided to levy my account but the bank protected my money due to SSDI deposits only. This is the first action they have taken after 9 years into the 15-year judgment. We don't own real estate.

Now my worry is that they will try to levy the cars. Both were purchased with disability money after the judgment was in effect. Both cars are jointly owned and our names are both on the titles. There are no liens.

Vehicle #1 - 1998 Nissan Sentra with a true market value (Edmunds TMV) of $32 to $711.

Vehicle #2 is a 2004 Kia Sorento LX with a true market value of (Edmunds TMV) of $1,700 to $3,400. These values are realistic say if the cars were sold at auction. NADA and KBB show significantly higher values but it is my understanding that the sheriff would try to sell them through an auction.

Both cars have high mileage and are in need of mechanical repairs estimated at $1,500 for both.

In KY the vehicle exemption is $2,500 and there's a $1,000 "wild card" exemption.

Based on this information what are my chances of the cars being levied? And if they are will my exemptions have me covered? Thank you for your input.

Edit: Would it be okay if I removed my name from the titles leaving my wife as the sole owner? Or would this be considerd a fraudulent transfer even though the cars were purchased after the judgment was in effect?

Edited by geen schuld
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Cars are often not seized to pay judgments (unless you have a Ferrari you own free and clear)...

There's the cost to get the writ, the cost to have the cars picked up, the cost of storage and appraisal and finally auction fees.

Then there's the chance that the cars may not sell at auction, or they sell for less than what was spent to get them there...

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They will not take either car. The maximum total of the cars is $4111 (assuming they sell for max auction value but if they need work, that will not be the case).

They JDB will then have to pay the sheriff for their fees, pay the auction house for towing and storage fees and have to pay your your exemption before they can take $1 for their judgement. By the time they get done, they would have nothing to take for their effort (and you can probably get a car from the exemption money).

I think you are what we call judgement proof with not real future assets (unless you are getting a large inheritance).

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Guest usctrojanalum

Cars are typically not an attractive asset to take, unless the car has a lot of value and there is no prior lien holder. They will certainly not be looking to seize cars that are more than 8 years old.

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