Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Yes, She would be responsible for any remaining balance owed on these things
She can either work out a payment plan, or she could possibly discharge them thru bankruptcy.
With a bankruptcy, it will come down to if she has any disposable monthly income to pay back debt or not.
If she does, then she'd be looking at a chapter 13 repayment.
If she is in 13, she can keep 1 or all of these, depending on the budget.
She should meet with a local bankruptcy attorney to see her different options.
She could either sell these, or let the bank take them and auction them off. (she'll get more money if she sells-but it may be difficult to pass clear title until they are paid off - so private sale could be difficult.)
Let me know if you have any questions.
Thanks for the info. So basically, if she sells them then she will owe the lender the difference? Does a lender in a case like this ever set up a payment plan for the difference or would she be required to pay it all back at one time? She makes good money so I dont think bankruptcy would be a good option. She just needs to reduce these car payments and get rid of this boat.
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