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 Richard Your Own Question
Richard, Attorney
Category: Legal
Satisfied Customers: 53705
Experience:  Attorney with 29 years of experience.
Type Your Legal Question Here...
Richard is online now
A new question is answered every 9 seconds

i have a matured note at my bank with collateral of a utility

This answer was rated:

i have a matured note at my bank with collateral of a utility trailer as my collateral. i got a reg letter today demaining note be paid in full , i can't even pay the interest right now. they also want to charge me $1.52 a day interest. they have given me till june 10th to pay in full 5,426.10 , which i can't pay i am on sociality security and am 70 yrs old. SO WHAT CAN THEY DO TO ME,BESIDES REPO THE TRAILER: IF TAKEN TO COURT WOULD IT JUST BE A JUDGEMENT. ?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Their only recourse is going to be to take the trailer. They could pursue a judgment against you for the shortfall, but all your SS income and any retirement account assets you have are going to be exempt. In addition, Texas has an unlimited homestead exemption so if you own a home, they can't touch that either. In all likelihood, they won't pursue this beyond taking the trailer. Typically, when you show them there is nothing for them to get, and let them know that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

Richard and 3 other Legal Specialists are ready to help you
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Thank you also for the very generous bonus! I truly appreciate your kindness!