Legal Question in Credit and Debt Law in Georgia
Car was repossed, do i have to pay the balance
my van was repossed in 8/04. it was financed through a buy here pay here. i recieved a court summons, the car lot wants to sue me for the balance of over$2000.00 after the van was resold. over a year later. the van is only worth 1200.00. am i responsibile for the balance.
2 Answers from Attorneys
Re: Car was repossed, do i have to pay the balance
Yes. You are responsible for the full purchase price irregardless of the value of the car.
Re: Car was repossed, do i have to pay the balance
Yes. You're responsible for the balance of the full purchase price plus costs of repossession. You have two deadlines. One is a 30 day deadline to answer, although if you owe the money an answer doesn't help much. The other is that if you want to get rid of this debt and suit in bankruptcy, you literally have only days to file under the new law before a far worse law kicks in. Bankruptcy usually would wipe out such a debt. If you are in the Atlanta area and are contemplating bankruptcy, go to www.glenashman.com to get our worksheet and be sure to set an appointment this week once that is completed. We would need to see your worksheet to assess whether bankruptcy is a good option for you.
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