Legal Question in Credit and Debt Law in North Carolina

I am filing a 'motion to claim exempt property' form. I am only claiming a small life insurance policy and my car, which happens to be worth $8500. How do I fill out Quest. 7 regarding the net worth of my car and Quest. 8 which allows the extra $5000. (over and above the $3500. which is allowed)? I want to be sure that my car is protected from seizure. Thank you for your advice.


Asked on 7/15/10, 1:44 pm

1 Answer from Attorneys
Rachel Hunter

Are you claiming any land or land that is worth less than $35,000? You say your car is worth $8500. Is there any kind of lien on your car? What I would do is note the car and in question 8 write down the same information but note that you are exempting the balance of the car value of $5,000 under question 8.

Like so - fill out make and model, fair market value ($8500 if that is what it is) and any lien information about the car. Then fill out the value of your interest which is $8500 minus any liens. If there are no liens, then the value of your interest is $8500. In question 8, put down the same information. If you have to, attach a separate sheet of paper and explain that $3500 is exempted under question 7 and that the rest is exempted under question 8.

Do you have a bank account? They can grab that as well, so you might want to reconsider.

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Answered on 7/15/10, 10:01 pm


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