QUESTION
Am I still obligated to pay for a car even if it was repossessed?
Asked on Nov 17th, 2011 on Bankruptcy - New York
More details to this question:
I voluntarily signed papers to have my car repossessed. Am I still obligated to pay the difference after the car was auctioned off? Is it possible to garnish my wages if I don't pay?
3 ANSWERS
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Yes, you are responsible for the difference. Before they garnish your wages, the creditor has to file a lawsuit against you and receive a judgment. Once the creditor has a judgment, they can file a garnishment against your wages and/or bank account.
Answered on Nov 18th, 2011 at 11:47 AM
Yes on all counts. You can either make payment arrangements of file a bankruptcy.
Answered on Nov 18th, 2011 at 11:46 AM
1 Award
Unless your deal says otherwise you have to pay.
Answered on Nov 18th, 2011 at 9:59 AM