Legal Question in Bankruptcy in Connecticut

Automobile Reposession

I was just wondering about the repo law in Connecticut. If I volunteer to repo my 2002 Nissan Altima what will happen with my credit? and will they stop calling me for payment on the car?


Asked on 7/10/04, 5:24 pm

1 Answer from Attorneys
James Aspell Law Office of James F. Aspell, PC

Re: Automobile Reposession

If you voluntarilly turn in the car you have merely surrendered the collateral. When you took out the car loan, you signed a promissory note promising to pay the finance company back their money. What they do is repo or take the car back, sell it, and then calculate how much you still owe them (the shortfall between your loan balance and what the car was worth at auction sale) and then sue you for the difference. A Chapter 7 bankruptcy would allow you to turn the car in and avoid any exposure for the shortfall plus get rid of any other debt you may be carrying.

call me if i can help. 860-236-3655.

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Answered on 7/10/04, 11:36 pm


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