Legal Question in Credit and Debt Law in Florida

Father passed in March of 09 and my mother (81) can no longer afford to make the vehicle payments. They somehow got themselves in a vehicle that they owe $15,000 on and it's TMV is only $7700. I am the son and have no legal attachment to the vehicle, but my mom did sign the papers. She has limited SS and limited funds as part of a rev mort. Her income does not match her expenses and the only thing we see helping is her volunteer repo of the van. What action can they take against her? Can they go after her retirement savings? We just do not see how to get her out of this situation. She lives in FL if that helps and has about $20,000 in Retirement and $1,500 in the bank. Her monthly expenses are a negative $200. The ship is going down.


Asked on 8/04/09, 3:40 pm

1 Answer from Attorneys
Philip Duvalsaint Philip A. Duvalsaint, PLLC

You may be able to work something out with the bank if you contact them. Especially since it appears that your mother has very few assets which they could recover from. Many times they will work with you if it involves a life changing event. However, you should be aware that when they forgive debt, the government treats it as income which can be taxed.

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Answered on 8/04/09, 4:17 pm


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