Legal Question in Real Estate Law in Ohio

After the resale of the car, the dealership may file suit for a deficiency judgment to collect the remainder of the loan that was not paid down by the sale. If the dealership is successful, you may be on the hook for thousands or tens of thousands of dollars. The dealership can then take that judgment and create a lien on any real estate you own by registering the judgment with the county land records office.

A common response is to file a Chapter 7 bankruptcy to discharge this and other unsecured debts. If you would like to discuss this option, feel free to call us at 216-241-2510.