Legal Question in Consumer Law in Massachusetts
My car was repossessed today. The bank stated that the only way to get my car back is to pay off the balance, which is a little over 20,000. If they auction the car off, am I really stuck paying off the balance ? Is there anything I can do to help my situation ?
2 Answers from Attorneys
They won't bother you.
Work on cleaning up your credit!
If you want to get the car back, filing a Chapter 13 bankruptcy petition would force them to return the car. If you got the car more than 2.5 years ago OR if this loan is not the original car loan, the bankruptcy court would allow you to only pay the current value of the car over a period of up to 5 years. So, if the car is worth $8,000, that's what you would be expected to pay over a period of time. The remainder of the balance would be discharged in whole or in part, depending on your income and expenses.
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