Legal Question in Credit and Debt Law in Texas

Re: Car and truck reposession

What you have is a deficency problem. They sold the car at auction (whic they can do) for 8K less than you owed. THe simple thing to do is to file a CH 7 asap, before they get a judgement against you and get rid of it and your other debts that are dragging you down. If you live in the Austin or San Antonio areas I would be happy to consult with you. You can look at my web site www.sergilaw.com for more info on bankruptcy.

Re: Car and truck reposession

Ch 7 would be an alternative to prevent a judgment for the collection of the deficiency if it fits in with your other plans. However, when the collector said he could obtain a lien upon your house he was deceiving you which is prohibited by the fair debt collection practices act. If you want further information about pursuing legal action in this matter, contact me via e-mail.

Jim Grissom

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Re: Car and truck reposession

Wait before you file for bankruptcy...I don't think it's necessary. First of all, they have probably violated the Fair Debt Collections Practices Act by threatening you, especially when they threatened you with legal action that they can't even take, which gives you some leverage in this matter. Secondly, there's a question of how much principal and interest you had already paid before you turned the truck back. I have a feeling that this amount combined with whatever they received at auction comes close to giving them a fair profit on the deal. Find an attorney who is willing to try to eliminate this problem before thinking about ruining your immediate financial future with bankruptcy.