What happens if I submit a “Claim of Exemption and Financial Declaration” regarding a bank levy on my account?

I have a judgment against me from a credit card company and just had a bank levy placed on my accounts. The sheriff department says I have 15 days from that time to file the “Claim of Exemption and Financial Declaration”. Our income comes from owning a 1/4 of an apartment building and am concerned that the court may say sell it instead of agreeing that this is our income. We need it because i cannot work or get disability and my husband looks for work but is not hired due to criminal record (ex-felon on parole).

Asked on September 28, 2010 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I believe that it may be 10 days in California and not 15 days so hurry and file the form.  What happens is that you file the form giving your reasons as required therein as to real and personal property.  Then the form is filed and sent to the judgement creditor.  The judgement creditor then has the right to contest the claim of exemption within a certain period of time.  If they contest it within the specified time then a hearing is held as to the whether or not the property is exempt. The forms can be gotten through the Courts I believe.  So double check.  And try and speak with a credit counselor as well. Good luck.    


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