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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118635
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Help me understand what exactly a notice of levy execution

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Help me understand what exactly a notice of levy execution of money judgment means and what my options are to avoid an execution sale. The form is asking for exemptions. This was a small claims case that the opposing party won $3500. He first tried to levy my bank account. We answered and showed that we only make enough money to live on. Now he is levying our property. What can I do?
Thank you for your question and for asking for me again.

A notice of levy means they are seeking to take your property to satisfy the judgment. The exemptions are the same exemptions used in CA by the bankruptcy court. Here are the CA Bankruptcy exemptions: Bankruptcy Exemptions. You would list any property you have that is on that list and the values up to the amounts on the list.

The only way to avoid execution sale is to reach a settlement with them to make payments on the judgment. I do not think you want to file bankruptcy over $3500, unless you have a large amount of other unsecured debts you need to wipe out at the same time, but bankruptcy would stop them from executing on the judgment as well.

I am afraid that any property that is not exempt on that list at the link I provided can be taken and sold to satisfy the judgment.

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Customer: replied 4 years ago.

We do need to file Chapter 7 BK anyway, We don't have any equity in our home. So I should answer this EJ-150 form with the exemptions we claim. What can I expect to happen next after I answer their EJ-150 form?

Thank you for your response.

If you need to file bankruptcy anyhow, now is the time to do it BEFORE they execute on the levy. You should answer the exemptions and submit them, but you also need to get bankruptcy filed before the levy date so your automatic stay would stop the levy.
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Customer: replied 4 years ago.

thank you.