Judgement against me - will my cars be seized?

[PANSYFACE]

Trying to satisfy criteria for chapter 7 - but have 2 cars in my name due to husband not having any credit or income for some time. Doing the asset sheet to be filled out and sent back - I have no job. Ton of debt but home has equity, scared that once they see there isn't a wage to be levied but I own free and clear 2 cars - 9 years and 8 years old- that the cars will disappear overnight and then we will have no ability to even try to make a living. Iam so scared. We have no money to buy a clunker. Will Zwicker & Assoc take my cars?
Sorry for this rambling....Thank you.

[IamOld]

I know others here will reply with what can and cannot be done in NJ - if you don't have a BK atty PLEASE PLEASE consult with one ASAP.

I know one thing that you can do - and I am not saying you SHOULD as the interest rates are...criminal - but - if the seizure of the cars is a real possibility, at WORST you could take a title loan from these title loan places legalized...loan sharks. They usually will lend about 1/2 of the wholesale value of the car, making seizure highly unlikely, as the lender (loan shark) would have to be paid first by the collection agency. Mind you these are VERY VERY VERY VERY bad financial deals...BUT...

As for the CH 7, you do not yet qualify? If you have 50%+$1 business debt of total debt you're exempt from the means test...

[catleg]

I take it that you have been given an information subpoena by Zwicker and you're also considering filing BK.
If this is true, they have not docketed the judgment against your real estate yet.
How much equity do you have in real estate? Less than the federal exemption amount?
They might come take the cars, but it's hard to say.
You see, in NJ there is a requirement that before a judgment can be docketed against any real estate you own in the state,
the creditor must perform a diligent search for personal property that can be seized.
The information subpoena satisfies that requirement.
The equity in the cars is probably minimal, they may be protected by the statutory $1000 exemption against asset seizure.
Most likely they want to just docket the judgment against your real estate.

[DYLAN150]

How much are your cars worth? They don't like taking cars, too many fee's involed and no guarantee of selling price at an auction. Also in some states if you use your car for your work, they can't take it. Fee's involed, towing fee's, auction fee's, storage fee's, your exemption amount, sheriff's fee's etc.

[PANSYFACE]

Thank you for your responses - I have to file some tax returns before I can file - otherwise I qualify for chapter 7, BUT that means I will lose my house though I am behind 6 months on my mortgage anyway. Doesn't seem to anywhere to go with pets and a bad credit report and very little income.

[BankruptinNJ]

I don't think they would be interested in your cars. After all, they are old and not worth much. I'd like to ask why you have two cars, though. If you don't have a job, you don't need two. I know from living in NJ that insurance, maintenance, registrations, and everything else is very expensive. That's why I do not have a car now.

[PANSYFACE]

one of these cars is my husband's - he couldn't qualify for a car loan so that's why both are in my name and it's too late to change it now. Also very poor mass transportation, basically none. I need a car for job hunt and hopefully I will get employment
somewhere.

[DYLAN150]

They want money like bank accounts and wage garnishments. Older cars are too much expense and problems.

[CCC]

How much are your cars worth? They don't like taking cars, too many fee's involed and no guarantee of selling price at an auction. Also in some states if you use your car for your work, they can't take it. Fee's involed, towing fee's, auction fee's, storage fee's, your exemption amount, sheriff's fee's etc.

This answer seems pretty logical and reasonable; I'm in a similar perdicament and I would like to know what my future might hold. If I lose my vehicles I'm going to be in some deep waters.