Ask Experts Questions for FREE Help !
Ask
    modeler78's Avatar
    modeler78 Posts: 1, Reputation: 1
    New Member
     
    #1

    Aug 23, 2009, 06:31 PM
    NC law on attachable property in judgement
    I have recently lost my job and can no longer pay for my motorhome. The bank will soon exercise their right to reposses and will seek judgement for remaining balance, expected to be as high as $100,000.00.My home has a reverse mortgagae with two deeds of trust totalling almost twice its value. My cars have liens wieth amounts owed in excess of their value. The only savings and income I have are my retirement and social security. There are no other stocks, bonds, or other monetary instruments .
    I realize the bank will obtain a judgement. My quesetion is whether the savingsve I have from the reetirment are exempt and any disbursements from my 401 that I am required to take as I am over 70.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
     
    #2

    Aug 24, 2009, 06:32 AM

    Hello m:

    Your Social Security is exempt. Your 401K is NOT. Your savings account is NOT.

    excon

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I have a property judgement against me but no income [ 4 Answers ]

:confused::confused:In our Divorce I was set with a judgement against me for $7500.00 I was to pay in 30 days. It has been almost a year, At the time and now I was and am Disable I had gotten a court order to pay a credit card... they found me Excempt... *Judgement Proof* because I have nothing...

Texas - CC Judgement Can They Put Judgement Against Husband's Property only his name [ 1 Answers ]

Have been sent a summons and contacted attorney. While discussing lump sum settlement they hung up and said they would see me in court. I have tried to call back with no response. Can the judgement in court be put against property that is only in my husbands name?


View more questions Search