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 Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33802
Experience:  Attorney with 15 years experience in various consumer protection areas
19958803
Type Your Consumer Protection Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

Bought a new car after trade in the amount finance was $44,702.61.

Customer Question

Bought a new car after trade in the amount finance was $44,702.61. After 3 month could not make the monthly payments of $723, give car back. finance company sold car or collateral for 24,500, the finance company turned $17,886.26 over to a collection agency for collection. What can I do if I can't pay the $17,886.26 on my income? please advise.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
.
If you aren't able to pay the amount owed, or settle the debt with them, then they will have to file suit under a breach of contract action and sue for a judgment.
.
If they get a judgment, then they can enforce it and try to collect with things like wage garnishments up to 25%, liening real estate, and seizing non retirement bank accounts to try to collect.
.
But if you have more debts than assets, then bankruptcy might be an option so as to discharge your obligation to pay this debt along with other qualifying debts.
.
If you tell the collection agency that you are considering filing BK if you can't settle the debt, that gives you leverage to negotiate with them because they know they will get nothing if you actually filed BK.
.
.
thanks
Barrister

Related Consumer Protection Law Questions