Legal Question in Credit and Debt Law in Pennsylvania

Turning in a car to the bank.

I was wondering what affect turning a car into the bank would do for a person who has bad credit already? I'm in the process of trying to start rebuilding, but I think the car is hampering me from making progress. I owe about twice what the car is worth, and it has mechanical problems that need addressed. If my credit is already bad, what more can turning in my car do? Thanks in advance.


Asked on 9/19/05, 12:55 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Turning in a car to the bank.

If the car is turned in you would still owe the deficiency. The defiency is the difference between what is owed and the what the car sells for.I do not know how that will help you out except to save any repossesion charges. You may want to consult with bankruptcy legal counsel.

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Answered on 9/19/05, 1:06 pm


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