Legal Question in Credit and Debt Law in North Carolina

What do you think happens? The creditor sues you. The creditor then gets a judgment. The creditor can then try to enforce it by first serving you with a motion to claim exempt property. If you do not fill that out properly, a judgment creditor can raid your bank account or have the sheriff seize and sell anything you own free and clear.

If you have not signed this note, then I suggest you have it reviewed by a lawyer before you sign so you know what you are getting into. If you have already signed and defaulted then a lawyer should still review it to know what consequences there might be. If you have been sued and there is time to answer the complaint, a lawyer needs to review to see if filing an answer would be worthwhile in your case. If a judgment has been entered, you need to wait until you are served with a motion to claim exempt property. That needs filled out correctly to protect your assets.