Legal Question in Credit and Debt Law in Louisiana

reposession

How long does a bank have to come after you for the remaining balance on a repo car?


Asked on 6/30/07, 8:36 am

1 Answer from Attorneys
Robert Louque The Louque Law Firm, L.L.C.

Re: reposession

Most debts based on promissory notes (which almost, if not, all cars are based on promissory notes) prescribe in 5 years. The date that the 5 years starts will depend on the nature of the promissory note and when the vehicle was repossessed.

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Answered on 6/30/07, 9:16 am


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