Legal Question in Credit and Debt Law in Illinois

Reposession

I am considering doing a voluntary repo on my car. I lost my job three months ago and as a result have lost my home and gotten way behind on credit cards. I declared bk in 2003, so I can't do it again until 2011. I am a 1099 contractor with nothing in my name. Our new home is under my fiance's name. What ramifications would I have to deal with? I am also about 12k upside down on the car with HSBC. Since I am not a W2 employee, they can't garnish my wages, correct?


Asked on 3/18/09, 9:46 am

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: Reposession

Have you considered a debt settlement program with HSBC and your credit cards? You could reduce your debts and avoid garnishment or bank levy. Being a 1099 employee doesnt help you too much unless you get paid in cash.

Please let me know if you have any further questions: [email protected]

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Answered on 3/21/09, 2:49 pm


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