Can Credit Card Companies Take Our Cars We are Still Paying For??

by Dennis
(Mississippi)

My wife and I have a Car each. I have a 2008 Dodge Magnum and she has a 2007 Chrysler 300 and both are still being paid for monthly. We have got into too much credit card debt and cant make the payments on our credit cards anymore so we are letting the credit cards go! We have decided to keep paying for our cars and our house!

My question is can the Credit Card Companies come and get our Cars even though our cars are still being paid for on a car loan? We have 5 years left to pay on the Dodge and 3 years left to pay on the Chrysler.

I am also Disabled and on S.S.Disability and live in Mississippi. We are just worried about the credit card companies being able to come get our cars.

Thanks

Comments for Can Credit Card Companies Take Our Cars We are Still Paying For??

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May 23, 2011
Credit card debt lawsuits
by: DebtCollectionAnswers.com

Dennis,

We are sorry to hear what a rough time you and your wife are going through. Typically, if you don't pay a credit card issuer, they will send you to collections. After trying to collect, the debt collector may decide to sue. If the collection agency gets a judgment against you, it then tries to collect that judgment. It's not usually until that point that they can try to go after assets you own. Even then, they may not be able to go after your cars.

The very best thing you and your wife can do right now is to talk with a bankruptcy attorney to find out what the credit card companies can and cannot do to you to collect. The fact that you are living on income that is likely exempt (protected from creditors) means that you may be "judgment proof." If you are, you may not even have to file for bankruptcy.

Consulting a bankruptcy attorney should help relieve your stress by giving you answers to these questions that are likely keeping you up at night. Just because you talk with one does not mean you have to file.

Good luck and we hope things will turn around for you soon.

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