Legal Question in Credit and Debt Law in Georgia

repossession

I recently lost my job as a truck driver. My CDL license was suspended. I have filed for unemployment and am looking for a job but it doesn't look like I'm going to find anything making close to what I was making as a driver. I've driven a truck for 16 years and have no other specific skills. I have a new truck that I am not going to be able to afford. I owe over $40,000 on it. There is going to be a large balance left when they take it and sell it at auction. Will they let me make payments on the balance? Will they garnish my wages if and when I get a job? Can I go Chapter 13 if I get a job? I had to go Chapter 7 six years ago so that's not an option. I'm very discouraged and need advice. Thank you


Asked on 1/14/06, 2:31 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: repossession

A Chapter 13 with a 100% repayment might be an option but you need to have a regular income first. Waiting until 8 years from the Chapter 7 to do another might also be one, but in the meantime you could face suits and other problems. You may want to see what the actual balance is after sale on the truck and then explore your options with a bankruptcy lawyer. If you're in metro Atlanta, you can get a worksheet at www.glenashman.com and have us look at it to consider options.

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Answered on 1/14/06, 2:37 pm


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