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Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 32154
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
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We purchased 2007 Chevy Silverado pickup. We added steps and

Customer Question

We purchased 2007 Chevy Silverado pickup. We added steps and bed liner. After one year we unable to keep up with the monthly payment due to change in income and the car was repossed. Bank auction the car for $15,000 and now wants to collect the balance including towing & other charges totaling $17,000. Do we still pay for the balance of the loan? Would it be better to file bankcruptcy for this balance?
Submitted: 7 years ago.
Category: Business Law
Expert:  Dwayne B. replied 7 years ago.
You are still responsible for the deficiency. Bankruptcy is certainly an option to clear the debt although it is hard in Texas to collect on a judgment.

You may want to go and speak with a bankruptcy attorney in person and look at the option. It usually isn't worth filing a bankruptcy for one debt alone, however you should go over all of your finances to determine if it is the correct choice.

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