Re: MBNA account Assigned to Wolpoff and Abramsom

Posted by CAK (66.140.213.48) on December 01, 2003 at 23:14:25:

In Reply to: Re: MBNA account Assigned to Wolpoff and Abramsom posted by MBNA Misery on December 01, 2003 at 22:37:07:

Have you filed your verified request for exemptions form levy? If you havn't then have an attorney help you with this. That way if your bank account is seized and your house is sold, you will at least get a portion of the proceeds.

It works like this; Generally expenses are paid first out of the Sale proceeds, then YOU will be paid up to your filed exemption amounts (exemptions as listed with your State) and then the remainder of the Judgment will be satisfied. If there is anything left over you will also receive this.

Also some states allow you to choose which assets you want to sell off first, or choose which asset you want to sell to pay your Judgment. In other words, if your bank account held enough money to pay this Judgment, then you could ask that your home be released from levy.

If you don't claim your exemptions, its not likely you will receive anything.

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