QUESTION
What can my sister do with the truck if her fiance committed suicide in their truck a month ago?
Asked on Aug 16th, 2013 on Bankruptcy - Florida
More details to this question:
She can't afford the truck now that he's gone and is struggling to figure out what to do with his truck. It is in both of their names and has insurance on it. The bullet went through the roof and needs repaired and cleaned. She is thinking of letting it get repossessed. What would be her best option?
3 ANSWERS
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She should take a copy of the death certificate to the motor vehicle office and see if they will change the title to her name. If it is repossessed, it will be a negative mark on her credit.
Answered on Aug 30th, 2013 at 9:58 AM
Sanford M. Martin
Contact the lender, explain the situation, and ask whether the lender will agree to take the truck. Better for your credit report to avoid repossession.
Answered on Aug 28th, 2013 at 3:41 PM
2 Awards
She can surrender the vehicle to the lienholder. She will be liable for any deficiency after the lienholder options off the truck. If she cannot afford to pay the deficiency her only option is bankruptcy. She may also attempt to repair and sell the vehicle as she will probably get a higher price by doing so. However, the lienholder will not releasably without full payment. As such she will have to come out of pocket. Sorry to hear about her loss and resulting struggles.
Answered on Aug 28th, 2013 at 3:41 PM