Legal Question in Bankruptcy in Louisiana

bankurpy

just got divorced a vehical I can't afford what should i do. allow it to get repoed are would i get suid it is in both of names


Asked on 3/10/08, 8:54 pm

2 Answers from Attorneys
Robert Louque The Louque Law Firm, L.L.C.

Re: bankurpy

If you allow the vehicle to be repossessed, you would be liable for any balance remaining.

A bankruptcy attorney may be able to reorganize your finances to a note you can afford. If not, you may be able to discharge any remaining balance on the vehicle after its sold.

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Answered on 3/10/08, 9:33 pm
J. David Andress Grand Law Firm

Re: bankruptcy

If the car is repossessed, you could be sued by the creditor for the deficiency if they fail to sell the vehicle for the full value of the loan. A bankruptcy would automatically stay any legal proceedings against you.

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Answered on 3/10/08, 9:36 pm


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