More details to this question:
Owe $6000.00 Paid six months up to date Damage $2200.00 if more damage is found they will total it blue book 2500.00 excellent condition mileage 87000 2002 I have bad credit so I pay a high finance charge, so the car is over valued.if totaled I would still owe on it.. The title is in my position with my name on it, no lienholders showing on it, sent from the dealer ship.. Despite all this the car drives and steers great minus the bumper headlight and hood being mangled.
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The condition of the car has absolutely nothing to do with the debt you still owe on the car. Whatever the debt you owe on the car you will need to pay that back to the car loan Bank or they will repossess the car. If they repossess the car and it is in bad shape like you're saying is they will get almost nothing from the auction and they will go after you for the remainder of the balance. You may attempt to work out this debt with them or you could file a chapter 7 bankruptcy to eliminate this debt. But all of the facts pertaining to the condition of your car have absolutely no bearing on the debt itself.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.
Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave. Unit 2 Fall River, MA 02723 Office: 888-269-0688 FAX: 877-475-8147
Answered on Apr 28th, 2014 at 11:40 AM