Legal Question in Credit and Debt Law in Georgia
loan default
we have a vehicle used as collatorail against a loan. we are almost three months behind on the payments. they said the next step would be for them to get an attorney. they have not repo'd the yet and do not look like they want too. what are they going to do next? are they going to sue us? and for what? what are our obtions here?
1 Answer from Attorneys
Re: loan default
They can repossess and then sue you for the deficiency, which usually will be large, or they can sue you without repossessing.
Either way after that you usually would face garnishment of paychecks and bank accounts, and other adverse consequences.
At this point, meet with a bankruptcy lawyer who can tell you if you have options and what they may be. He'll need detailed financial information to answer you. If you're in metro Atlanta we can do that.
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