Legal Question in Credit and Debt Law in Florida

Voluntary Repossession-balance owed

I did a voluntary repossession of my truck which I paid on for almost 4 years for a total of about $17,000 with balance of about $10,000 still owed. When I turned in my truck, they sold the truck and say I owe over $6,000. They refuse to accept a small payment. They harass me by phone constantly and my husband is not in good health. I originally paid $15,000 for the 1997 Dodge Ram in 2000 with a promise to lower my payment which they never honored. I became unable to work and I am on Social Security now. They sold truck and want balance. When I told them to send me a balance and I would see what I could pay, they harassed me and said that was unacceptable and they would pursue their collection further. My husband and I are both are on Social Security and bearly able to survive.If they take me to court and get a judgment, what are my options with no money to pay? I rent an apartment, have no vehicle, and no savings account or funds, just our Social Security.Please help this desparate slowly growing old couple. Thank you.


Asked on 2/03/05, 11:37 am

2 Answers from Attorneys
Carol Lawson Carol A. Lawson, PA

Re: Voluntary Repossession-balance owed

If they get a judgment they can garnish your bank account. File Chapter 7 bankruptcy and you can wipe this out and stop the harrassment.

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Answered on 2/03/05, 4:06 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Voluntary Repossession-balance owed

The creditor may obtain a judgment against you. Too bad for them when it comes to collecting. From what you state, you have no assets which would be subject to execution or garnishment. Ergo the judgment will not be collectable. Contrary to the the previous reply, and for the above reason there is no need to file for bankruptcy protection. Of course if you are intimidated by the collection process, then thought may be given to bankruptcy. On the basis, only, of what you said, I do not suggest bankruptcy.

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Answered on 2/03/05, 7:18 pm


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