Legal Question in Credit and Debt Law in Florida

Forfeiture on boat loan

What would happen to us if we let our boat go back to the bank that is financing it? We owe about $220,000 and the boat is worth about $300,000?


Asked on 6/12/08, 1:38 pm

1 Answer from Attorneys
Betty Blanco Blanco De Vera LLC

Re: Forfeiture on boat loan

Well they would probably sell it at auction and if that sale rendered a deficiency then you would have to pay deficiency or that debt would go on your credit rating or you may be able to file for bankruptcy depending on many other factors. Please contact our offices for an in person or telephonic consultation so that we may better advise you. Sincerely, Betty Blanco, Esquire

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Answered on 6/12/08, 5:29 pm


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