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Alexia Esq.
Alexia Esq., Managing Attorney
Category: Legal
Satisfied Customers: 11569
Experience:  19 Years of Legal Practice Experience in this precise field.
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is there anything I can do about a situation that may potentially

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is there anything I can do about a situation that may potentially put me and my spouse into bankruptcy. Its a little complicated so I need to know if I am in the right place. I need to know where to get the advise I need
Submitted: 5 months ago.
Category: Legal
Expert:  Alexia Esq. replied 5 months ago.
Hi, my name is XXXXX XXXXX X thank you for your inquiry. I have been practicing law for 19+ years and look forward to assisting you.

While I can not give you specific legal advice, and only your retained lawyer is permitted by your state bar to do so, if you would like to post your concerns, we can discuss legal implications that generally may apply to such situations.

Let me know, and I will be sure to check in with you tomorrow.

Sincerely,
Alexia Esq.
Customer: replied 5 months ago.


Hopefully you can help me. I think I may Have ruined my life and my credit for a long time.I am an older person whose only income is VA and SSD. Somehow I have 110000 worth of vehicles on my credit and only 41000 yearly income. Im being told by a dealership that this is not hurting me but helping me. That I cant qualify with my credit for less expensive vehicles which is what we requested. I was unable to read the documents thoroughly. Just sign. should I be concerned

Expert:  Alexia Esq. replied 5 months ago.
Good morning, and thank you for your follow up. With regard to your post:

is there anything I can do about a situation that may potentially put me and my spouse into bankruptcy. Its a little complicated so I need to know if I am in the right place. I need to know where to get the advise I need You probably would want to go to a Bankruptcy attorney if you determine you can not otherwise withstand your debt situation. But let's delve a little bit first.

Hopefully you can help me. I think I may Have ruined my life and my credit for a long time. OK.

I am an older person whose only income is VA and SSD. OK, pretty reliable income, which is good.

Somehow I have 110000 worth of vehicles on my credit I willl need you to clarify this for me - what do you mean "somehow"? It sounds like you are saying that you have $110,000 of debt, and a bunch of vehicles you bought via fiancing sitting in your drive way. If that is so, you may need to sell those vehicles and downsize to the most economical vehicle you can - assuming you actually need a vehicle (which may depend if you are in the city or in the 'country')...

and only 41000 yearly income. That is a respectable income, compared to most seniors - so I am happy for you that.

Im being told by a dealership that this is not hurting me but helping me. And of course you will not take him at his word. But you do have to clarify what you got indebted into. Did you buy something or not buy something?

That I cant qualify with my credit for less expensive vehicles which is what we requested. Sure you can. It is easier to qualify for a smaller car loan than a higher one - my concern is that some slick talking saleperson persuaded you to finance a mazarati rather than a ford focus.

I was unable to read the documents thoroughly. Just sign. should I be concerned Of course you should be. If you contracted to buy something you can't afford, you are likely stuck in it - proving you were forced or coerced is very difficult if you are otherwise of sound mind. It may be that you will take a hit, selloff whatever it is you bought (they will repossess it in any event, if you stop paying the loan). If you care about your credit (and there may be good reasons why your credit is NOT important, depending on your situation), you will want to take the proceeds from the sale, which will likely be way less than what you borrowed, and use it to pay down that loan as far as possible - then start paying the remaining balalnce. You may even be able to trade in that luxury vehicle(s) for the more reasonable car. You will probably be paying too high of payments for that reasonable car, since the remaining unpaid part of your old high loan will be wrapped into the new loan - but at least they may be do-able - to get you out of this financial trap.

Let me know if my presumptions on what you have gotten indebted for are correct or not, and let me know if my options noted are clear - I can always expound further!


I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gotten anything less, please reply back, I am happy to address follow-up questions. Kindly rate me "excellent" when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To Alexia Esq., ONLY" if you want me to specifically answer it.

Sincerely, XXXXX XXXXX

Your online legal resource!

Alexia Esq., Managing Attorney
Category: Legal
Satisfied Customers: 11569
Experience: 19 Years of Legal Practice Experience in this precise field.
Alexia Esq. and 18 other Legal Specialists are ready to help you
Customer: replied 5 months ago.
To Alexia Esq only. Thank You. If I may elaborate. All three vehicles are new. I was the cosigner on two of them.I cried I begged I had an anxiety attack in the dealership. The first payments have not even been made yet.This occurred September 28 2013 so there is nothing to sell or trade.Unfortunately this happens a lot to us Active duty military and veterans. These merchants and lenders force us into bankruptcy after they have picked us clean. This dealership pretty much has a monopoly in my city. My spouse is also a disabled veteran who has been put into a truck 44000. He only receives 1235 per month. His vehicle payment is 650 per month. It is the 10th of the month. He cannot pay Just started a new job last week has no other income.I am also being forced to pay them 2000 for the downpayment because I cosigned for him there is more to that story.i have 176 dollars left to my name and being made to sign promissory notes. I now am on the verge of suicide. I am 63 years old! I am also black and I suffer from PTSD.
Expert:  Alexia Esq. replied 5 months ago.
Hi again, and thank you so much for your follow up:

To Alexia Esq only. Thank You. Very welcome, any time.If I may elaborate. All three vehicles are new. I was the cosigner on two of them. Ouch. Who were the main signers?

I cried I begged I had an anxiety attack in the dealership. The first payments have not even been made yet.This occurred September 28 2013 so there is nothing to sell or trade. Meaning, you don't own the vehicles, but you are a co-signer. This means that the primary signer (probably the owner) is primarily liable - if he doesn't pay, then you a liable for the payments. You can, however, sue him if that happened, since he will owe you all of those payments you made.

Unfortunately this happens a lot to us Active duty military and veterans. I am from a family of veterans, and I am not seeing that that is really the connection.

These merchants and lenders force us into bankruptcy after they have picked us clean. Your vet status doesn't cause them to try to take advantage of you and others - it is ALL them, and their greed.

This dealership pretty much has a monopoly in my city. Thankfully there are hundreds of other cities to buy from. I just bought a financed van 45 minutes away from my own city.

My spouse is also a disabled veteran who has been put into a truck 44000. He only receives 1235 per month. His vehicle payment is 650 per month. It is the 10th of the month. Why did he agree to such an extravagance? Is he mentally incapacitated such that the contract could be ruled void - no requisite "meeting of the minds" perhaps?

He cannot pay Just started a new job last week has no other income. OK, I'm confused, it is disabled or not disabled??

I am also being forced to pay them 2000 for the downpayment because I cosigned for him there is more to that story. Please double check your obligations. The down paymnt generally comes BEFORE the loan - and signing as co-signer to a loan does not necessarily mean you signed a promise to pay a down payment. Please review all your paperwork to make sure.

i have 176 dollars left to my name and being made to sign promissory notes. I"m still confused on how you were "made" to sign. I presume there was no gun tot he head - I now am on the verge of suicide. Then you MUST get to a mental health provider ASAP - please. Not only can they document your current state, and help you cope, they may be able to determine that you were unable, for XYZ reason, to decide for yourself whether the deal was a good one - but that you were putty in the dealer's hands and actually had NO ability to provide informed consent or refusal. If you are in immediate danger of suicide, please get to the ER today.

I am 63 years old! I am also black and I suffer from PTSD.
If you are currently treated for PTSD, those records may help to show, if true, that you were unable to assert consent or withhold consent. That could be helpful later if you seek to void the contract.

I still don't understand the 3 vehicles thing. However, know this:

Your VA/SS benefits can not be garnished by the commercial lender. Thus, while your credit will be damaged by not paying (and cars repossessed, typically), the lender can't take your VA and SSR. BUT, I would start putting those benefits on the debit card offered by them, as if you don't have a bank account, so that your funds will not be in your bank account if and when they get a court judgmenta gainst you and seek to levy the account. They can't get to the balances on your debit card (the one by the SSA is "USDIrectexpress.com".

WIth regard to damaging your credit - yes, that will be unavoidable IF these loans go unpaid entirely by either signer. As such, you will need to determine if you really NEED loans in the future? If you don't plan on borrowing money down the road, but living within your means, and saving for a rainy day, you may not have to worry too much about credit. It makes you uncomfortable, I can surely sense, but when you think about it - it may not be a big deal at all. Are you planning on buying a house soon? A car? You may need a car, but if you simply save the money you would have paid for these car loans, each month, you can buy a reasonably economical car for cash or a small loan. There are other options. As such, please don't allow yourself to get to stressed over this. You likely did make a bad move, both of you, by even considering buying such luxuries that you do not need - and you may be able to escape the contracts (if you can void them) but that will generally take a court case filing which you'd likely need to pay a lawyer for. But, if that is too complicated (and can take years, during which time your credit will deteriorate if iyou don't pay the bill), realize that bad credit is only an issue for those that need good credit. If you don't need it, who cares? Your income is protected, so long as you don't leave it in a bank account (which can generally be levied, based on lack of knowledge of the fact that it may contain only protected moneys). My mother is in this boat exactly, after some unwise decisions - she is a senior, and lost far more - she lives with me, she has terrible credit now (stellar before 2010), but since she has no borrowing needs, it is no big deal. She has her SS moneys that she uses for living (via debit card they provide), she has learned to put the bad debts (including foreclosure) behind her, and that is it. She spent a lifetime working hard and maintaining good credit so she could lease a BMW, refi her home, get into more debt, etc. She now needs none of that, uses my other car to get around town, and the bad debt is a non-issue. A business doesn't cry when it makes a bad debt - business decisions are business decisions. If paying these car payments will leave you unable to live, then I think you need to consider your real priorities with your business - which is the business of living your life healthy, not in poverty, and putting yourself before the financial interests of this commercial lender who chose to finance a contract it should not have.


I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gotten anything less, please reply back, I am happy to address follow-up questions. Kindly rate me "excellent" when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To Alexia Esq., ONLY" if you want me to specifically answer it.

Sincerely, XXXXX XXXXX

Your online legal resource!

Customer: replied 5 months ago.

for alexia esq was not sure if you received my last post. Please let me know

Expert:  Alexia Esq. replied 5 months ago.
Hi again, yes, I see your 11:22 a.m. post of today, to which I responded at 1:05 pm today (11/10/2013). Did you get my answer (it appears your latest post was after my post, which is why I ask). Let me know!
Alexia Esq., Managing Attorney
Category: Legal
Satisfied Customers: 11569
Experience: 19 Years of Legal Practice Experience in this precise field.
Alexia Esq. and 18 other Legal Specialists are ready to help you
Customer: replied 5 months ago.

I do not know you but you are a good person I can tell and your mother is blessed to have you for a daughter. Right now the only sin I have committed is being a cosigner. I will never do that again. Not even for my husband who is an angel to me. But here is the question.should I allow the truck to be repossessed I will never need credit again.

Expert:  Alexia Esq. replied 5 months ago.

I do not know you but you are a good person I can tell You are very kind to say that, sight unseen.

and your mother is blessed to have you for a daughter. Lol, now I won't argue with you there :) I am lucky to have her also, she was one of my biggest fans when I was finding my way.

Right now the only sin I have committed is being a cosigner. And that isn't a sin, it is usually an act of intended kindness, but boy can it nail you with obligations, should the primary borrower decide not to pay.

I will never do that again. Me neither - unless under very special necessary circumstances for a trusted and loved one.

Not even for my husband who is an angel to me. That is great! Mine is a honey also :)

But here is the question.should I allow the truck to be repossessed I will never need credit again.
Are you the primary borrower or the co signer? If you are the co signer, you don't 'own' the car, so you can't really make that decision. That being said, I do think most car companies/or lenders have a way you can return the care without having it repossessed. But you will STILL owe what you owe. So if the car loan is $40000 and returning it with them reselling it only gets $30000, then you will owe $10k. And you either pay it (ouch) or recognize that you will be sued, etc. Incidentally, if they sue you, you will want to know if they can touch your home, or other assets - we have only discussed your income - you will want to speak to a bankruptcy attorney about that, most likely.

Be well and have a great night. And do NOT let money drive you to despair. You will survive, so long as you don't let the mental aspect get to you - and that is something you can control.

Sincerely,
Alexia Esq.

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