Legal Question in Credit and Debt Law in California
Auto Loan Default
My wife and I recently had son and our cost off living went up drastically we have 2 cars that we cannot pay on. What are the consequences to our credit if default on the auto loans and is there law for that help in hardship cases like mine?
Asked on 10/16/07, 9:04 pm
1 Answer from Attorneys
Jonas Grant
Law Office of Jonas M. Grant, A.P.C.
Re: Auto Loan Default
Eventually they will be repo'd and your credit will be negatively impacted. You can sell the cars, pay off the loans, and buy a cheaper car(s). Or get a second job. No hardship law exists that I aware of, other than bankruptcy. Consult a bankruptcy attorney if your situation is that dire.
Answered on 10/22/07, 12:02 am
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