Legal Question in Credit and Debt Law in Illinois
I voluntarily surrendered my 2008 Jeep Compass back to Harris Bank in Late July 2009. They said they resold it for only $10,700 and I owe a deficiency of $12,466.
I spoke with Stephen Reuter/Harris Bank and asked if he could reduced the amount to a reasonable number and he stated he couldn't talk to me unless the amount was $8,000.
I advised him that I am unemployed that's the reason I gave the truck back.
What can I do because I do not have that type of money now or in the forseable future. What are my options and what else can they do that will affect me negatively?
Thank you.
1 Answer from Attorneys
A creditor such as your bank could file a lawsuit and get a judgment for the money you owe them. They could then ask the judge to enforce the judgment by wage garnishment, liens on real estate, or seizure of bank accounts or savings or other assets. Have you considered filing personal bankruptcy?
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