Legal Question in Credit and Debt Law in North Carolina

A lot. Bankruptcy is only one answer and it should be the solution of last resort. First, when was your car repossessed? Repossession is never a good option because the car will be taken to an auto auction and sold, usually for a lot less than what you still owe. You are then stuck paying not only the balance that you owe, but also the repossession and sale cots, minus any proceeds from the sale.

If you can get the car back, see if it can be sold on your own. You will get more for it than an auto auction would bring in. If not, then do not worry about it. Start saving your funds. Hopefully, they will not not sue right off the bat. When you have about 50% of the balance saved, call whoever has the debt (it can be sold off), see if you can settle in a lump sum. Some creditors want more and can go as high as 80%. Even if you do not have 80%, see then if they will do a deal and pay what you have saved as a down payment and the rest in payments over a 6 month period or so. Do not make it longer than a year. If they still will not settle, keep saving. They can and will sue you.

If you have sufficient funds to settle now, feel free to contact me and I can help you resolve the debt. If you have a lot of debts and no way to repay them, you might want to consider bankruptcy, but that does have consequences. I can counsel you on those if you would like although I do not actually file bankruptcy.

Rachel Hunter

Attorney at Law

[email protected]

(678)-687-9693

Admitted in GA, PA & NC