Legal Question in Credit and Debt Law in New Jersey

hello,when he get a loan from a bank,he had to put as a collateral his car.ending up not to be able to make the payments the bank picked up his car.do they take only that or what ever else is under his name?


Asked on 12/06/10, 3:25 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

If the sale of the collateral does not yield enough to pay the loan balance plus the expenses of sale, the creditor can sue for the difference. If a judgment is awarded in the suit, the creditor can then collect by any means permitted by law including asking the court to sieze additional personal property and sell it.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 12/11/10, 6:42 am


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