What is the definition of notice of exempt property? 10 Answers as of August 27, 2015

I owe money to someone who is now attempting to garnish me through my bank account which I have nothing, or my wages which I have none because I was recently laid off. I am concerned they may want to try to take my truck which I recently paid off. In the notice (#13) it says an auto, truck not exceed $3000.00 and my truck is worth at least $15,000.00. Is it possible for them to take it from me to try to force me to pay the debt?

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GARCIA & GONZALES, P.C. | Richard N. Gonzales
Meet with an experienced BK lawyer for an hour of their time. Be prepared to pay for their time. Your truck may be exempt if it is a "tool of the trade". Otherwise, the creditor may be able to sell your truck, pay you the exempt portion, pay the cost of selling same, and apply the rest to the debt. Now is not the time to skimp!
Answer Applies to: Colorado
Replied: 6/24/2015
Ronald K. Nims LLC | Ronald K. Nims
Exempt property is property that you can prevent a judgment creditor from seizing through a court determination that the property is exempt. When you get a garnishment notice, it always has a 10 day delay before the property is seized. That allows you to go to court and get the judge to rule the property is exempt. I can't claim to be familiar with the exemption statutes of all 50 states, D.C., Puerto Rico, etc. but I've never heard of an exemption statute that limits the value of the property. Usually, exemption statutes set a value that is protected and any amount over the protected amount is fair game. It would not make sense that someone's $400,000 Rolls-Royce is an exempt asset while their $2,500 15 year old Honda is an unprotected asset.
Answer Applies to: Ohio
Replied: 6/23/2015
James T. Weiner & Associates, P.C.
James T. Weiner & Associates, P.C. | James T. Weiner
Yes, it's possible they can take the truck and sell it to pay off the debt.
Answer Applies to: Michigan
Replied: 6/23/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Yes, it is possible. I (don't quit understand why you paid off your truck if someone had a judgment against you. I'm not certain a bankruptcy would help, but you might want to consult an experienced bankruptcy lawyer who can review all te facts with you at length and help determine the best course of action. Good Luck.
Answer Applies to: Wisconsin
Replied: 6/23/2015
Patrick W. Currin, Attorney at Law | Patrick Currin
That would be a yes.
Answer Applies to: California
Replied: 8/27/2015
    Law Office of John C. Farrell, Jr.
    Law Office of John C. Farrell, Jr. | John C. Farrell, Jr.
    States differ on the amount of protection they afford debtors. With respect to your automobile the equity may be protected (i.e. exempted) from levy/attachment. That being said, the creditor may have the right to pursue a levy on any amount not protected.Typically a cost-benefit analysis is done. In short, it may not be worth the creditors time or effort in pursuing your vehicle. The costs may outweigh any benefit they may receive. I would suggest you consult with a local consumer/debtor attorney.
    Answer Applies to: Massachusetts
    Replied: 6/23/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    That would be a yes.
    Answer Applies to: Michigan
    Replied: 8/27/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    Yes, your truck is at risk although the creditor must issue a writ of attachment rather than a writ of garnishment in order to seize the truck. Should that happen, your only defense would be bankruptcy.
    Answer Applies to: Oregon
    Replied: 6/22/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You need to see a bankruptcy lawyer that can advise of your rights under the law of your state. It does not sound like you are in California. I am only licensed in CA.
    Answer Applies to: California
    Replied: 6/22/2015
    Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
    The could try to have the truck sold by the sheriff. They would have to pay you $3,000.
    Answer Applies to: Illinois
    Replied: 6/22/2015
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