Legal Question in Bankruptcy in Illinois

Debt & Car Repo

I would like to get some advice on car repossession. I am in a financial crisis right now, I have credit card debt and I own $10,000 on a car that I can�t afford any more. I have tried selling it but the car isn�t worth this price, it has $116,000 miles and it�s 7 yrs old. I was thinking of car repossession but just wanted to clarify how it works. If I take this action, will they garnish my wages?

I would appreciate any advise.

Thanks,


Asked on 4/06/09, 9:17 am

2 Answers from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Debt & Car Repo

Doing nothing proactively will get you in a world of hurt. You need to speak to a bankruptcy lawyer as soon as possible.

Read more
Answered on 4/06/09, 9:48 am
Robert D. Rotman Rotman & Elovitz, Ltd.

Re: Debt & Car Repo

If your car is repossessed, they will sell the car at auction and charge you the difference from what you owe less what they sell your car for. You will also be responsilbe for reposession costs. If you can sell your car, even at a loss, you maybe able to reduce the amount you owe. If you file a chapter 7 bankruptcy, the entire debt should be discharged.

Robert Rotman

Read more
Answered on 4/06/09, 10:10 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Illinois