Legal Question in Credit and Debt Law in North Carolina

My vehicle is not actually in my personal name, but is in the name of a personal property trust name. But, I am still thinking of listing it. I have done exemptions one other time before and did not list it. I know personal items are what you could sell things for like a a yard sale. But, what about vehicles? What method should I use to determine market value? I was thinking just a kbb.com or nadaguides.com valuation. Is that acceptable in NC? If not, what method is ok to use? Lastly, if the vehicle is actually in a trust and not in my name personally, should I bother with including in in the exemptions? Thank you.

Asked on 10/29/13, 5:38 pm

1 Answer from Attorneys

0 users found helpful
0 attorneys agreed

No. Exemptions are personal for you. A trust is not a person. If the judgment is against you personally, then you can list the car. If the car is not owned by you then you cannot list the car.

Your definition of personal as being "what you can sell at a yard sale" is - well, WRONG. You are not a lawyer but its WRONG. Personal means - person as in human being. Trusts and corporations are not persons, no matter what Mitt Romney believes (he made the inane comment when he was running for office that corporations are people. They are not).

In determining value, there are several ways to go about it.

However, you would greatly benefit from having legal advice in assisting you fill out the exemptions. Regardless of whether you have done it before, you may not be doing it correctly. Please email me at rachelforjustice@hotmail.com if you are interested. I charge a reasonable flat fee.

Read more
10/29/13, 11:20 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in North Carolina

Looking for something else?

Get Free Legal Advice

88333 active attorneys ready to answer your legal questions today.

Credit, Debt and Collections Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Michael E. HendricksonAttorney & Counsellor at LawAlexandria,
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now