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There are a variety of exemptions. In SC up to $4350 if the equity in your car is exempt (double that if you are married).
ok thank you
Let me see if I can find the amount for furniture.
Up to $4500 in furnishings.
The 2004 Lexus only has a small amount of worth, maybe 4-5000. would that be exempt? How do they value home furnishings? Can they sieze her shares in the restaurant which is a LLC
Yes, the car would be exempt and the home furnishings are valued at what they could sell for. It would be very unusual for someone to have $4500 worth of furniture.
They can seize her shares. If you want to prevent that you may want to speak to a bankruptcy attorney.
ok How about her ownership in the small restaurant?
Thge restaurant currently has several tax liens against it as it has not done well. would they still sieze her shares
Yes, they could seize those as well. The tax liens may exist against the share or they may not, depending on what has been filed and how.
The judgement was filed against us in a city where we opened another restaurant that failed. the contractor who got the judgement against us did not have an agreement with me or my wife, but with the GC who abandoned the job before it was completed. We never entered into an agreement with this sub-contractor, but he litigated against us as we were the owners. We could not represent ourselves with an attorney as we had no money. Do we have any possible legal recourse on this? It seems highly unfair that we are now having to pay or have assets seized due to the GC 's failure. We also never signed any papers or agreements with this sub-contractor. He got the judgement because we never showed up for trial in Columbia, SC
It will be hard to overturn it without an attorney. What you should have done was defended yourself and added the GC in as a party. That might have allowed you to escape liability but by not showing up it is hard now to reverse the judgment.
Is it worth talking to a local attorney or from your experience, will it matter? The restaurant is our only source of income, which is currently minimal. Can they take away our only source of making a living? My wife does the books and I work in the restaurant without being paid. We collect a management fee.
I need to ck something, be back with you in just a few minutes, please wait here in chat
Sorry. They can take away your ownership of the interest so it would certainly be worth at least visiting with an attorney where the lawsuit took place.
They may be able to spot something in the file you can use as a reason to reverse the judgment. Unlikely, but possible.
We own the franchise rights to the restaurant, it is our concept. they can still take it?
Yes, a creditor could still take it since it is an asset.
ok you have been very helpful,
Glad to hear it. I'll exit now to assist others.
Best wishes to you on this and please don't forget to leave a Positive Rating (of course I’d suggest Excellent!) so I get credit for my work.
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