How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2822
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

About 3 years ago we purchased a motorcycle, had some hardships

Customer Question

About 3 years ago we purchased a motorcycle, had some hardships (whole city out of a job for a month due to ice storm) all my current bills allowed me a grace period execpt the motorcycle they continued to bill me - late payments and intrest got my payment from usualy $125 to $220 + we couldn't keep up eventually they came picked up the bike and we stopped paying completely. Now the collection agency is demanding a settlement in 8 months, which theres no way i can come up with the full amount in 8 months, there talking payments of 500 + and i cant barely even afford now 100. (i asked were the bike is they said they had no clue there just the collection - shouldn't they sell the bike at an auction and credit the account? What should i do?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Yes, the creditor must mitigate damages and liquidate the asset to apply to the balance owed.

Terry L. :

You are responsible for any remaining balance and fees, as allowed by state law.

Terry L. :

You listed this in the bankruptcy section, the bankruptcy will clear out this debt for you if you file. If you don't want/need to file, contact your state's attorney and report the lender for not following proper liquidation procedures (after you send a written request for accounting of the sale - perhaps it was sold, but that notice got lost on it's way to you).

Terry L. :

Let me know if you have any other questions.

Terry L. :

THanks

Terry L. :

Terry

Terry L. :

did you have any followup questions?

Terry L. :

thanks

Terry L. :

terry

Related Bankruptcy Law Questions