my wife had a car repo in 1996 for a honda civic the price of the car was about 6k dollars. in 2001 the sheriff came calling. she worked out a payment plan but after 4 yrs stopped paying. in 2006 they came back, we offered a settlement but was rejected. about a month ago they came back and delivered papers. Yesterday the sheriff showed up and took her paid for Audi. Now they say we owe them 15K. WTF i've never heard of such a thing.
Country relating to Question: United States
State (if USA): North Carolina
nothing, this happened yesterday.
Thank you for your question.I am very sorry to hear that this took place. Do you mind me asking, did the creditor obtain a judgment against your wife in 2001 or 2006?
there was a judgement placed against her yes, not sure when. I didn't even know her at the time.
Thank you for your follow-up, Brandon.In that situation this is a valid action if there was a judgment in place. If the judgment was never completely paid off (your spouse never discharged the debt but just stopped paying), the judgment would remain and would continue earning interest on the debt. The statute of limitation on the judgment is 10 years, plus it is renewable for up to additional 10 years if the renewal is filed within the original 10 year period. What may have happened is the judgment holder let it go after 2006, allowed the interest to grow, and is now finally pursuing the debt. Good luck.
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whena car is repoed arent they supposed to after they resell it apply the difference to your balance?
Thank you for your follow-up.They are generally required to provide you with up to 30 days to come up with funds to cover the debt, and then if that does not happen to auction off the vehicle. They would be able to to put the auction value toward the debt and the auction fees. If there is still a deficiency remaining, they can continue to pursue the party until the debt is fully paid off.Good luck.Dimitry Esquire41089.6472266204
so if they got 6 for the car we still owe 9. this is just flatout extortion. I'm thinkin chpt 7 and wipe out the judgement. Will that work?
Thank you for your follow-up.A Chapter 7 bankruptcy cann discharge the debt against your spouse, that can work and that type of debt is something that is eligible for removal under a Chapter 7 filing.Good luck.Dimitry Esquire41089.6501830671
JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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