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Exempt Property

Exempt property is property that is protected from seizure by debt collectors, foreclosure, or creditors. Exemptions may vary from state to state so it is important to check with your state for correct information. Below are a few of the more commonly asked questions about exempt property.

I was served papers from a law firm and I need help filling them out (motion to claim exempt property).I want to make sure I fill them out properly.

When a person is claiming that property is exempt, you are listing the items that cannot be taken as payment by people who are suing you, such as creditors. The first step is to make a list of your assets and have an attorney assist you in deciding which items can be listed as exempt under the North Carolina Law. It may be possible to claim all of the assets as exempt and no one would be able to claim them from you.

I live in Wake County NC. I need help filling out the motion to exempt property, from a judgment from CITI bank.

You can go to the court clerk's office and ask to see examples of motion to exempt forms that have been filled out. These forms are public record, so there shouldn't be an issue with the clerk letting you view them. However, some clerks can be very helpful, while others will choose not to be. Basically, all you need to do on the forms is list the items that you want to be exempt. The form is self explanatory fairly easy to follow. If you think you need additional help, you could always find an attorney who would help you for an hour or so and charge you a consultation fee. If you choose to speak with an attorney, you need to take all of your financial information, records, and tax returns. To learn more about the exemptions, here are the statutes:

http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_1C/GS_1C-1601.html
http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_1C/GS_1C-1602.html
http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_1C/GS_1C-1603.html

If property was listed as exempt in a bankruptcy, would there be any issues if we sold the exempt property if my husband has a judgment against him? We can't find the judgment on file anywhere and want to settle before getting a loan. What should we do?

Your property should still remain exempt and shouldn't risk being subject to any liens. Your name is not on the judgment with your husband, so there shouldn't be an issue with having your name on the title in regards to the exemption. Before you continue to make any settlements, you need to discuss this matter with your bankruptcy attorney. He/she may have a different approach for dealing with the judgment.

I was given a promissory note backed by a deed of trust for $25k on a property with a 280k first lien. The property is valued about 420k and located in MO. This was done to settle a lawsuit. Now the property owner has failed to pay in the 120 days encompassed in promissory note. Should I foreclose? Should I sue on the promissory note looking for a judgment?

The homestead exemption in MO. is $8000. This means the borrower could only claim $8000 of the net proceeds of the sale of his home. With $140,000 of equity in the home, you may want to hire an attorney and file foreclosure. When the borrower realizes that foreclosure is a possibility, he will be more inclined to work out an agreement with you.

If you choose to file a judgment against the borrower, you can probably get a lien on all of the personal and real property that he has. In certain cases, Missouri won't allow a judicial foreclosure of deeds of trust. If there is any way for you to get a judicial foreclosure claim along with a judgment on the original promissory note, do it. This will be the more sensible approach as well as being cost effective.

Many people are unfamiliar with the term exempt property. If you have questions or doubts about exempt property, you should consult an Expert.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5366
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
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6 Real Estate Lawyers are Online Now

How JustAnswer Works:

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Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

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