Legal Question in Credit and Debt Law in Nevada

Hi. My situation is..I have been laid-off from work for a year now & it's been so hard for me & my family financially. Finally I decided to give up my truck so I called the lender & then I was told that they are going to repossess the truck & sell it but they are still going to charge me w/ the difference between the truck's sale price & the amount I still owe for the truck. I mean the reason why I'm giving back the truck is because I could no longer be able to pay for it because of being unemployed & then I still am going to owe them some amount? Please give me some advice regarding this situation. Thank you very much & happy new year to all!

Respectfully yours,

Ephraim V

NV 89403


Asked on 1/05/10, 12:24 pm

1 Answer from Attorneys
Randy Creighton Black & Lobello

Unfortunately, the lender is entitled to the difference between the value of your vehicle and the amount still due and owing. Nonetheless, there are situations in which you could negotiate with the lender for a smaller deficiency amount.

There are other options though. If you are burdened with other debt, such as credit cards, payday loans, than bankruptcy might be an option. In bankruptcy, for the most part, all of your unsecured debt (credit card, payday loans) can be eliminated, and this WOULD INCLUDE the deficient amount you owe on your vehicle. However, bankruptcy is not right in every situation, and whether to file is dependent on individual facts. If you would like to set up a consultation to go your individual facts, provide an overview of bankruptcy, and help determine if bankruptcy is right for you, please contact me at [email protected], or call me directly at (702) 318-5053

RANDY M. CREIGHTON, ESQ.

BLACK & LOBELLO

10777 West Twain Ave., Suite 300

Las Vegas, Nevada 89135

(702)318-5053

[email protected]

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Answered on 1/11/10, 8:54 am


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