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Law Girl
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Category: Bankruptcy Law
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I have had a fairly new vehicle repossessed and Im sure they

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I have had a fairly new vehicle repossessed and I'm sure they won't get the balance due at an auction which they have sent me a registered letter as much. Should I consider filing bankruptcy with this vehicle on it?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 8 years ago.

Thank you for your question.


In the event that filing bankruptcy makes financial sense for you, you may want to wait for the vehicle to be auctioned off by the lender. After the auction, the lender will notify you of the deficiency and probably sue you for the balance, obtaining what is called a deficiency balance. You may want to wait to file bankruptcy until this judgment is obtained against you. The bankruptcy could then serve to discharge the judgment.


Please let me know if you have any other questions, or require clarification. Otherwise, please hit "ACCEPT", so I may receive credit for my efforts.


Good Luck!



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