Car loan is in our names. car got reposessed.

by Sophia
(Fl)

Im I liable in the state of Oregon to pay all those amount in the collection agency? I am out of work in no way I can not afford to it.
I am in Florida now.

Comments for Car loan is in our names. car got reposessed.

Click here to add your own comments

Feb 05, 2012
 Car loan is in our names. car got reposessed.
by: Debtcollectionanswers.com

I assume what you are paying off is the difference between the amount of your car loan and the amount that the lender was able to sell your car for after it was taken back from you. That amount is called a deficiency and given that the loan was in your name as well as in your husband's name you are legally obligated to pay that amount. It does not matter that you are now living in Oregon. By not paying it you risk being sued for the money, especially if it's a large amount.

I assume that if you are out of work, you are having problems paying more than just the deficiency. Therefore, I recommend that you schedule a FREE initial evaluation with a bankruptcy attorney. The attorney will evaluate your finances and tell you whether or not filing for bankruptcy is a good option for you or if there is a better way for you to resolve your financial problem.

Click here to add your own comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2019 by Mary Reed and Gerri Detweiler.
All rights reserved.
Read our Privacy Policy here