My Truck Was Repossessed

by Patrick
(Lockport, N.Y. (Niagara County))

My truck was repossessed in a year ago and i received a summons dated in July, and its October 19 now, that states i owe the remaining four thousand some odd dollars. My question is what can i do? I thought once something was repossessed... actually i don't know. I am 23, i haven't an idea on what to do, if you could just guide me in the right direction. Thank you, Patrick

Comments for My Truck Was Repossessed

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Oct 22, 2010
 summons after repossession
by: Gerri

Patrick,

You need to first find out if the creditor already obtained a judgment against you. You can do this either by contacting the courts or by checking your credit reports through AnnualCreditReport.com. Contacting the court would probably be a more reliable method, as there is sometimes a lag between when a judgment been entered and when it appears on your credit reports.

Unfortunately, because you did not respond to to the summons the creditor may have already obtained a judgment against you. If so, they may have additional avenues for collecting from you, including the ability to try to garnish wages or go after property (it depends on state law).

You may also want to read more about how debt collection lawsuits work .

If for some reason the creditor has not already obtained a judgment against you then you need to look at your options for dealing with the debt. Can you work out a settlement for an amount you can afford? Will they agree to monthly payments to keep it out of court? or do you need to set up a free consultation with a bankruptcy attorney to explore your options?

If they have already obtained a judgement then similar questions apply: can you settle with them? Work out a payment plan? Or do you need to talk with a NY bankruptcy attorney?

According to our sources, creditors have 20 years to collect court judgments in New York. So we would encourage you to really focus on trying to resolve this so it is not hanging over your head for many years.

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