Legal Question in Credit and Debt Law in Indiana

I turned in a leased vehicle and the bank is taking legal action. What can I ex

I was forced to turn in a leased vehicle because I lost my job due to pregnancy complications. The jeep was in my name only before I got married. I am unemployed, my husband is currently laid off. I tried making small payments to the bank, but a credit agency said they were going to take legal action. We are buying our home and have 2 mortgages on it, so the total we owe equals the appraised value. We also have a vehicle loans. We have no saving, etc.. What kind of legal action can they take and what can I expect to happen? Can they actually take our house or vehicles since they are mortgaged elsewhere? Thank you.


Asked on 9/12/02, 1:17 pm

1 Answer from Attorneys
John Bator Bator Redman & Shive

Re: I turned in a leased vehicle and the bank is taking legal action. What can

Based on the limited information you provided, any creditor who gets a judgement against you cannot take your vehicles or your home, but you should talk to a bankruptcy specialist asap-most offer free initial consultations.

The bank will likely file suit and that will result in court costs and attorney fees being added to the amount you owe. Also, the judgement, if against you and your husband jointly, will attach as a lien against the property making it difficult to sell or refinance.

Read more
Answered on 9/12/02, 4:06 pm


Related Questions & Answers

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