Legal Question in Credit and Debt Law in Texas
Judgment/Lien
A car was reposessed and sold, leaving a balance of just over $5K. What are their legal resources for collecting this debt; judgments, liens, taxes, etc.?
2 Answers from Attorneys
Re: Judgment/Lien
A lawsuit for the deficiancy plus prejudgment interest, costs of court, and attorney fees. There are various ways they may use to collect on the judgment.
Re: Judgment/Lien
They may file suit; if they obtain a judgment, it will eventually appear on your credit report. If they file it of record, it will operate as a lien on all real property you own (except homestead). Once they obtain a judgment, they may garnish your bank account(s). If they file suit, you might consider hiring an attorney to represent you. It is a defensible case because often they are unable to prove up their case as needed regarding proving the commercial reasonableness of the sale.
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