I am in the state of Idaho. I am late, what is next?

by Desiree
(Boise, Idaho 83701)

I am in Idaho. I took a title loan out on my Mercedes to pay a medical bill. Ive been diagnosed with colen cancer. I have not made a payment. The loan was taken out on 7/22/2011 The first 60 days were free. Making my first payment due 9/22/2011. what is the recourse they have and what should I expect? HELP!

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Feb 09, 2012
 I am in the state of Idaho. I am late, what is next?
by: Debtcollectionanswers

Sorry to learn about your medical and financial problems. Unfortunately, if you used your car as collateral on a loan you cannot afford to repay, you risk losing the car. If that were to happen, the lender would sell the car at auction and apply the sales proceeds to your outstanding loan balance. Any remaining balance would be your responsibility to pay.

I don't know the details of your financial situation and I am not an attorney, but if you have a lot of debt that you cannot afford to repay, you may want to consider filing for bankruptcy. Also, filing for bankruptcy would stop a repossession. To learn more about bankruptcy, read this how to file for bankruptcy. If you want to explore the option of bankruptcy after you've read that information, I recommend that you schedule a free initial evaluation with a bankruptcy attorney.

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