Massachusetts laws getting better,,,,
Date: Mon, 12/21/2009 - 17:31
SECTION 11. Said Section 34 is hereby further amended by replacing, in Paragraph Sixteenth, the words “seven hundred dollars†with the words “seven thousand five hundred dollars of wholesale resale value; however, the equitable value of a vehicle owned or substantially used by a disabled person or a person 60 years of age or older shall be exempt up to fifteen thousand dollars in wholesale resale value.â€
:DI am disabled and not that I need a car but I don't have one right now and can't get one till the law is changed. I already have a judgment against me but LVNV Funding can't collect..:p
Here is the full law change they are looking for:
mass.gov/legis/bills/senate/186/st01pdf/st01712.pdf
So should I call a local member of the Senate to see the status of the bill?
It's even better for the consumer that they spell out "wholesale
It's even better for the consumer that they spell out "wholesale resale value". $7500 black book is worth about $12-15K blue book. (In the case of disabled, $15K black book is going to be $25-30K blue book).
That means you'd basically have to pay cash for a brand new car in order for it to be eligible for attachment. If you buy & finance a car over 5 years, it's wholesale value will be less than $7500 by the time you pay it off. Which essentially means most people will never have a car that's worth enough to attach to a judgment.
Although these exemptions don't apply in cases where you've actually signed a security agreement and pledged the vehicle as collateral. In those cases, the creditor is allowed to repossess regardless of its value.
I guess we will have to see what happens, it was drawn up Januar
I guess we will have to see what happens, it was drawn up January of this year......I e-mailed my local district to see what is going on.
They also want to raise the Small Claims Court limits. Right now it is $2,000. If they go higher, debt collectors can sue in small claims for amounts higher than the $2,000.....that will make it easier for consumers to defend themselves. It is hard to fight a case in District court on a civil docket if you have no clue. I did and I won after 2 years.
In IL, the small claims limit I believe is $10K. Keep in mind,
In IL, the small claims limit I believe is $10K.
Keep in mind, though, that raising the small claims limit also makes it easier for creditors/collectors to file suit. Depending on the laws, the creditor may not need an attorney if they represent themselves in small claims. Or, creditors that once didn't want to obtain "high-priced" lawyers to go into District court, would now be able to retain local/"cheap" attorneys to go file in small claims.
Yeah but the SJC just changed the small claims laws to make it h
Yeah but the SJC just changed the small claims laws to make it harder for debt collectors to sue in MA. I put a post up about it. So now that it is harder for them the state is pushing them there.