Legal Question in Credit and Debt Law in Florida
My room mate recently had her motorcycle stolen, and stopped making the payments. She had to seek alternate transportation and couldn't afford paying on both...now i tried to make arrangements with the company to pay on it as she received a letter from collections threatening with a lawsuit...after calling them, they said because there's no collateral now, the total balance is now due. I explained to her that much money will not appear in 30 days. What chance do I have that they will allow for payment arrangements? Thanks if anyone can give me any advice.
2 Answers from Attorneys
See if they will take a partial payment now and balance later.
There are several things to consider. First, your roommate's insurance on the motorcycle might pay the replacement value if the vehicle is stolen. If not, Florida has a fund that pays victims of crimes. Your roommate might be able to get some money from that.
Your roommate could try to work out a payment plan with the lender. There's no way to predict what they will accept. Your roommate might also consider filing for bankruptcy. That would probably wipe out the debt entirely, depending on your roommate's total income, expenses and assets. We offer a free initial consultation, and would be happy to speak to your roommate about the possibilities.
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