Legal Question in Credit and Debt Law in Illinois

car repossession

hi,

I bought a car in january 2001. I was contuining payment until November. Due to financial problem i could not continue payments And my car was repossessed by Banker. Before repossession, banker asked me to just hand over the car.

After repossession and selling car, he sent me a notice to pay deficiency amount of 3,500$. It is huge amount which i cannot bear. It would help me a lot if anybody could give need legal advice in this issue, whether to need pay the deficiency amount or not.

Thanx in advance.


Asked on 10/21/02, 7:54 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: car repossession

you can file bankruptcy against that debt, but a lawyer should see the big picutre before giving you that advice

Read more
Answered on 10/21/02, 8:32 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Illinois