Legal Question in Credit and Debt Law in North Carolina

You can exempt up to $3,500 in equity in your car. Is your car paid for or is there a lien on the car? What is your car worth, assuming that there is more than $3,500 in equity in the car? What other assets do you own? You may be able to use the exemption in question 8 to exempt the remainder of the equity in the car, but it depends on your other assets. I don't know how close to the $3,500 that you are.

It will cost money to seize your car and have it sold by the sheriff. That means that whatever the creditor gets for the car has to be enough to pay the sheriff's costs and pay you your equity. Is the creditor going to get enough from the sale to make it worthwhile?

I can help you go over the form - via email or over the phone if it will take less than 30 minutes. Feel free to contact me if you would like assistance.

Rachel Hunter

Attorney at Law

[email protected]

(678)-687-9693

Admitted in GA, PA & NC