Legal Question in Bankruptcy in Georgia

deficiency claim-am I held liable for negative difference

At meeting with creditors, said we would reaffirm vehicle, later we decieded not to. Chrysler was issued a relief from auto stay. rec'd papers and it states ''entitile to proceed w/any remedies avail to file a deficiency proof of claim. Does that mean we will be served w/a judgement for the difference in what we owe and what they rec. the reposession? Is there anything we can do to stop?


Asked on 6/10/05, 11:36 am

1 Answer from Attorneys
Bernd Stittleburg Stittleburg Law Offices, LLC

Re: deficiency claim-am I held liable for negative difference

It would depend on when you decided not to keep the vehicle. When you sign a reaffirmation agreement, you have 60 days from the date the agreement is filed to rescind the agreement. If you surrendered the vehicle beyond this 60 day window, then yes, you would be held liable for any deficiency. If you rescinded the agreement within the 60 days window and your case is still open, then no you would not be held liable for a deficency claim.

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Answered on 6/10/05, 5:01 pm


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