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Exempt Property

Exempt property is property that is protected from seizure to satisfy a debt with a creditor. Property in which can be seized by a creditor is known as non-exempt property. The meaning of exempt and non-exempt property may vary from state to state.

A typical example of exempt property occurs when a person is unable to maintain mortgage payments. In some situations, the debt continues to grow and the lender will try to sue the homeowner for lack of payment. In an attempt to recoup the debt, the lender will try to seize property to satisfy the debt. When the creditor begins collection of assets to pay the debt, the creditor cannot seize exempt property. Exempt property usually consists of the home and the items inside the home. While a creditor may not be able to seize the exempt property, they can attempt to place a lien on non-exempt property. Below are exempt property related questions that have been answered by Experts.

What is a Motion to Claim Exempt Property in Monroe, NC?

A Motion to Claim Exempt Property is utilized to protect a person's property after a creditor has won a lawsuit. Once a creditor receives the clearance from the court, it can take immediate action to seize the defendant's property to satisfy a debt. The debtor has to go through the sheriff's department for the seizer.

Before the creditor can take any property, the defendant has to first receive a Notice of Right to Have Exemptions Designated and a Motion to Claim Exempt property. Once the defendant receives the Motion, they will have 20 days from the date the Notice was delivered to fill the notice out and send it back to the clerk of court. When the motion is returned to the clerk's office, a copy must also be sent to the plaintiff.

If the defendant fails to complete the form or claim their property as exempt, the plaintiff will be allowed to proceed with the seizure through the Sheriff's Department. When the seizure takes place, the sheriff's Department will seize any property or funds in an attempt to satisfy the judgment. In some cases, the Sheriff can come to the defendant's workplace in an attempt to collect on the judgment.

It is not uncommon for the sheriff's Department to show up at random times to look for non-exempt property that can be claimed for the judgment. A legal service can provide additional information regarding exempt property.

A defendant cannot be arrested if they cannot pay a judgment. However, the judgment can remain on the defendant's record until the judgment is satisfied or up to 10 years.

If a person is served a Motion to Claim Exempt Property, what can be seized if there is nothing of value? Our home was foreclosed on and our vehicles have liens against them. We live in North Carolina.

When you receive the Motion to Claim Exempt Property, you are able to claim Exemption of your Homestead. You are also allowed to claim some of your personal property as exempt which will protect it from being seized, or sold to satisfy a judgment. You can learn more about the exemption in Section 1C-1602 in the North Carolina General Statutes.

Your homestead and all structures attached to the property may be exempt from forced sale in order to satisfy a creditor is the homestead is used as your permanent residence. The General Assembly has a pre-set value for home exemptions but the value will not fall below $1,000. While the homestead can be exempt from a sale to satisfy debt, the homestead is not exempt from a tax related sale.

I reside in a Texas Homestead exempt property. Can my ex-wife attach an out of state judgment lien to the homestead and force a sale? A house that we jointly owned is going through foreclosure after the tenants stopped making payments. We were cleared of liability when we filed bankruptcy in 2001.

If your ex-wife and you currently held ownership of the home in Ohio and the tenants stopped making payments, it may be possible that issues could arise with your homestead in Texas. However, this isn't the case since as a couple, you and your ex-wife filed for bankruptcy. The bankruptcy erased all debt and liability. There shouldn't be any possibility of a forced sale of your homestead to repay a judgment. Your current residence is protected under the Texas Homestead Exemption.

I am attempting to fill out a Motion to Claim Exempt Property in North Carolina. I have a judgment against me but our home is owned by my husband and me. Is the equity in the home exempt? Is it true that property held in tenancy by the entirety is exempt from the debts owned by one spouse?

Only the debts that are jointly shared by you and your husband can result in an attachment of the marital home if your Deed of trust specifically states that you and your husband hold the property as Tenancy by the Entirety. If your Deed in fact states this, there will be no need for exemptions for your home. This means you can use up to $5,000.00 in exemptions toward other property with the exception of the residence. You could protect your bank accounts, stocks, bonds, vehicles, etc. with the wildcard exemption.

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Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8603
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
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