Legal Question in Credit and Debt Law in Texas
what are my options
i have a repo balance of 6500 dollars against me . what can happen if i don't repay this loan and what are my options. wireman
Asked on 8/09/06, 5:16 am
1 Answer from Attorneys
TC Langford
Langford Law Office
Re: what are my options
If it is a judgment, it will remain on your credit for 10 years, renewable for 10 years. If it is not, then they can sue you for the balance, plus costs, and probably attorney fees.
They cannot garnish your wages, or attach your exempt property.
Obviously you can pay the balance. They are probably willing to negotiate, and if you are judgment proof, then are probably willing to take 50 cents on the dollar.
If you are judgment proof, and don't expect a change in circumstances, you can just ignore it. It will significantly affect applications for credit, apartments, etc
Answered on 8/09/06, 7:08 am
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