Legal Question in Credit and Debt Law in Virginia

reposes

After four years of payment my car was reposes by bank and was sold for only 3000 dollars but bank wants 13,700.00 dollars more. I could have sold it to a car dealer for 8000.00 dollars but they did not give me time to sell it. Now I own a an old car 97 and I bought it for 1900.00 dollars it has 127000 miles. I also owe money to the bank and credit cards. I did not have a good income for the past two years.

Can they take my old car? Would they be interested? I do not have anything else for them to take except my car.


Asked on 8/30/07, 12:05 am

2 Answers from Attorneys
Ruth Emily Kochard Ruth Emily Kochard, Counselor at Law

Re: reposes

If it is titled in your name, and a creditor has a judgment against you, they may take your car.

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Answered on 8/30/07, 12:49 am
Daniel Press Chung & Press, P.C.

Re: reposes

In Va., your $1900 car (any car up to $2000)is exempt from attachment to satisfy a judgment. They cannot take it.

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Answered on 8/30/07, 5:13 am


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