Legal Question in Credit and Debt Law in Kentucky
repoed vehicles
i bought a suv 3 years ago and my motor went out in dec. 2005. i work for myself and work is slow and i dont know what to do. last year alone i put about 5000.00 dollars in the truck but im tapped out i owe 9000.00 dollars left on the loan but i dont have the money to get it fixed. what should i do. if i give it back what could they do to me
1 Answer from Attorneys
Re: repoed vehicles
If you give it back, or they repo it, without any other arrangement being made, they will sell it at auction and apply whatever they get for it to the debt you owe them -- adding in the costs of repossession and sale. They will then come after you for the balance owed.
Depending on the rest of your financial situation, you may be a candidate for a bankruptcy filing. In any event, consulting with an experienced bankruptcy attorney will get you your options in more detail than can be provided here and those options would be personalized to your entire set of circumstances. Many offer free initial consultations ... take someone up on it!
Good Luck.
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