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Re: Advice please- judgement


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Posted by LadynRed (199.91.33.254) on June 24, 2004 at 15:29:26:

In Reply to: Re: Advice please- judgement posted by Micky on June 24, 2004 at 09:08:57:

NO,they cannot garnish wages in NC !

You absolutely MUST fill out those exemption forms and YES, you can attach a separate list. Use garage sale values for your things. You get $3500 exemption for personal property PLUS an extra $750 for each child. The statutes say 'fair market value', but that amounts to about what someone might pay in a thrift store. Used furniture doesn't sell for a lot. Go visit a Goodwill store some time.

The Van is likely exempt because it has equipment for your disabled child.

The NC exemptions are here:
http://www.bankruptcyaction.com/ncexemptions.htm

I'd be willing to bet that your son's wheelchair can be exempted as a 'professionaly prescribed health aid', they're not going to take it anyway, to list it as such, NOT with the rest of your personal property.

The homestead exemption is 10K, but you have an available wild card:

"Wild Card - If an exemption for a residence or burial plot is not claimed or is less than $3,500 then the amount of $3,500 less the exemption claimed can be used for any asset. Commonly it is used to increase the equity claimed in a vehicle above the $1,500 vehicle exemption or used to claim cash on hand or in a bank. "

If you have purchased anything in the 90 days prior to the execution order, those items can be exempted:

"(d) Recent purchases. - The exemptions provided in subdivisions (2), (3), (4) and (5) of subsection (a) of this section are inapplicable with respect to tangible personal property purchased by the debtor less than 90 days preceding the initiation of judgment collection proceedings "

Your biggest problem may be the equity in your vehicles, so get a black-book price on them.





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