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Steinlaw
Steinlaw, Attorney
Category: Legal
Satisfied Customers: 1811
Experience:  8+ years as an insurance adjuster, 7+ years as a personal injury and consumer law attorney
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Hi, i am in the processof being sued by Capitol One through

Resolved Question:

Hi, i am in the processof being sued by Capitol One through a third party. The balance is about $8000. I just purchased a car in my sister's name to avoid it being taken away in any judgement. Now we come to find out I cannot insure the car on my own and she and her husband do not want to assume any liability with the car. So we need to put my name on the car loan so I can get my own insurance. My question is, can the debt collector take this car, that is in both our names, as judment? It is worth around $9000. Someone said if there is equity of $1000 or more I'm ok and I don't really understand what that means. I just want to know if the car can be taken if it is put in both our names, or even in mine alone, if the judgement is against me. Thank you so much! BTW the car is being financed, the amount financed is $7000.
Submitted: 6 years ago.
Category: Legal
Expert:  Steinlaw replied 6 years ago.
How much is the car worth?
How much do you owe on the car?
Customer: replied 6 years ago.
The car is worth around 10k. I owe 7k.
Expert:  Steinlaw replied 6 years ago.
I am sorry you are going through this.

If they obtain a judgment against you, then they could, in theory, ask the court for a writ of execution. That would allow the sheriff to seize the car and then it could be sold. The loan would be paid off first and then the remaining money would go to the law firm to help satisfy the judgment. I have only seen this happen once and there was substantially more equity in the car. I seriously doubt someone would do it for a few thousand dollars, but it is possible.

Good luck.
Customer: replied 6 years ago.
What type of legal professional should I find to help represent me if this case goes to court. Should I just contact the debt collector and work out a payment schedule?
Expert:  Steinlaw replied 6 years ago.
I would look for a debt collection defense attorney. You can find one at www.avvo.com. I would not offer to settle anything without at least consulting with an attorney about your options.
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