Legal Question in Credit and Debt Law in Texas

Lay Off

I have been laid off, I am worried about losing my Truck, I bought new about 3 years ago, I bought it on credit and financed it through a Credit Union, I have about another 2 years of payments on it. I have not found another job yet and I am running out of money. What kind of legal recourse I have in order not to lose my truck. Will I be able to make interest payments on my truck until I can get back on my feet. I have paid over $16,000 on this truck so far and I would sure hate to see all this money paid on this truck to go down the drain. I would appreciate any information on this matter you can provide me..Thank you.


Asked on 12/13/01, 2:49 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Lay Off

The credit union has a secured interest in the truck, and can take the truck if you don't make the payments. Even if you file for bankruptcy protection, you'll have to pay to keep it. The filing of bankruptcy would only hold them off for a little while, and that would be a drastic step that is not taken lightly.

I suggest you speak with the credit union and see if it can be refinanced for smaller payments; they may work with you.

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Answered on 12/13/01, 11:10 am


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