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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Can creditors take your house and car if they are both paid

Resolved Question:

Can creditors take your house and car if they are both paid for?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
If you do not pay the debt, they can sue, and obtain judgment then record that judgment on the title of these assets to protect their interest. A bankruptcy could be an option. If your assets are covered by exemptions, then you can qualify for chapter 7. IF there are unexempt assets, you can protect them by paying back a portion of the debt in a chapter 13. Talk to a local bankruptcy attorney to review your situation to help design the best case for you. Most offer free consults. Thanks for your question and good luck to you.
Customer: replied 7 years ago.
My question is the same. Is my land and truck that are both paid for exempt from creditors to take if they have a judgement against me???
Expert:  Terry L. replied 7 years ago.
IF they get a judgment, they can put a lien on the home. You cannot refinance or sell without satisfying the debt. your car may or may not be exempt. This would depend on the value of the asset (go to and the amount of your state's exemption. (google your state name and judgment exemptions) to determine if you could be forced to turn over the vehicle. Each state is different. Thanks for your question, and good luck.
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