Legal Question in Credit and Debt Law in Texas

Auto reposession

I lost my job in the last month and must turn in a new car I Bought 2 years ago. the amount I owe is 15,000. If the car brings 8,000 at auction,must I pay back the other 7,000 or will it be written off as bad debt similar to a bankruptcy. I live in Texas what is the law here?


Asked on 6/15/03, 10:09 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Auto reposession

You remain obligated for the balance of the note.

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Answered on 6/16/03, 10:21 am


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