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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 54720
Experience:  Attorney with 29 years of experience.
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I have 2012 fifth wheel RV that I owe about 20k more than I

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I have 2012 fifth wheel RV that I owe about 20k more than I cam sell it for to a dealer and I am not getting any looks from personal buyers. I don't even have a truck to pull this with anymore. I have 740 plus credit today but what would happen if I called the lender and told them to come and get our RV? I live in Texas and I am worried they will come after me later in a suit to garnish my wages or something of that sort, what are the chances of that happening?
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. In Texas, the lender would have the right to pursue you for the shortfall. BUT, whether or not they will depends upon their assessment of the collectibility of a deficiency judgment. So, if you can convince them there is nothing for them to get, and 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. ALSO, remember this...in Texas: i) wage garnishment is not allowed for this kind of debt; ii) Texas has an unlimited homestead exemption so your home cannot be touched; and iii) your retirement account assets and any retirement income is all exempt as well from their reach.


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