QUESTION
What can I do if I can't make payments for my car that was repossessed?
Asked on May 05th, 2013 on Bankruptcy - New Jersey
More details to this question:
My car was repossessed 4 or 5 years ago. Recently, an Attorney contacted me and I explained that I could not afford the car when it was repossessed. He informed me that the car was resold for $3,000 and that there was a deficiency balance of $8,000 and that I had to pay it. He wanted an immediate $1,700 or two payments of $850 and then monthly payments of $250 monthly until it was paid off. I informed him that I could not come up with the money. He then wanted to know where I wanted to be served at work or at home.
5 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
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In Arizona, unfortunately, the creditor has a right to collect the deficiency. That is why many people are forced into bankruptcy. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on May 10th, 2013 at 3:52 AM
If you file bankruptcy and successfully complete the case you will not be liable for that deficiency balance.
Answered on May 09th, 2013 at 5:31 AM
You may be outside the statute of limitations for him to collect.
Answered on May 07th, 2013 at 12:28 PM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
The exact date is critical. The statute of limitations is four years from breach or last payment, which is presumably prior to repo. If the statute has run, send the attorney a "do not contact" letter. You should also consult an attorney, as both the contact and any suit violate the Fair Debt Collection Practices Act. If the date is not clear, you have a right to request a payment history under the Illinois Motor Vehicle Retail Instalment Sales Act. Send the attorney a letter disputing the debt and requesting a payment history under MVRISA.
Answered on May 07th, 2013 at 12:27 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
You may be a candidate for Bankruptcy, which would wipe this debt out. Kindly consult with a Bankruptcy specialist.
Answered on May 07th, 2013 at 12:27 PM