Legal Question in Credit and Debt Law in Texas
Judgement Questions
I surrenderd an RV to a local Credit Union. They sold it at auction for well below book value and are saying the defecit is in excess of $20,000. I offered to sign a note for $10,000 but they won't agree and say they'll sue instead. If they do and get a judgement what can be affected? My husband is 73 and ill, they say that a judgement would affect life insurance, bank accounts, etc.
1 Answer from Attorneys
Re: Judgement Questions
If they take judgment against you, and can locate a bank account, they can garnishee the account to apply to the outstanding judgment. While they can't seize a life insurance policy, if your husband has a policy and dies, they may be able to trap the life insurance proceeds.
The seizure and sale of the RV probably shows up on your credit history already.
I recommend you contact a local attorney to start preparing for the lawsuit. The creditor has to show that the sale was commercially reasonable, so if you start investigating at this point you may be in a better position when they do file suit.
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