How likely is a creditor going to seize my car after a lawsuit judgment?

[aimhighlow]

I live in CA. My car is my only asset and the FMV is $7K. (it is listed worth $9.5K under DMV records)

1. Is it likely they will try to seize my 7K car? (Only $2550 would be exempt)
2. If they were to only attach a lien and not seize my car, would the lien be removed when I file for BK since it would be exempt under BK? (CA wildcard exemption)

And once seized, I can't get it back even if I filed?

Exemption Chart:
bankruptcyquick.com/exempt.php


Thank you in advance

[SunshineGal]

As long as the creditor is a real bank and not an ex, in-law, etc., than it would be very unusual for a creditor to go after your car. They want your money instead.

[aimhighlow]

As long as the creditor is a real bank and not an ex, in-law, etc., than it would be very unusual for a creditor to go after your car. They want your money instead.

Yeah that is what I have been hearing. SunshineGal, do you know if it makes any difference if my car is paid off 100%?

And the same goes for all creditors and debt buyers? OC / CA / JDB / Attorneys?

[SunshineGal]

Keep in mind I am not an attorney so this is just a guess. But, you have an exemption of $2500 right? The Creditor would have to pay court costs for the Writ, storage fees for the car, and then the first $2500 would have to be paid to you. So, it's risky because there is no guarantee that selling your car at an auction is going to net them any cash. IMO, they would be more likely to garnish than seize your car. Even though the fair market value says $7K, chances of them getting that amount are slim to none.