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 Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

I purchased a vehicle in Nevada. I now live in Chicago. The

Resolved Question:

I purchased a vehicle in Nevada. I now live in Chicago. The dealership overcharged me for the vehicle and has since went bankrupt. I no longer want the vehicle and owe much more than its worth. I claimed bankruptcy just over a year ago. What will happen if I stop making payments and let them repo the car. What are some options?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Did you claim the lender in your bankruptcy? Did you receive a discharge? Did you reaffirm the debt?
Customer: replied 8 years ago.
I purchased the vehicle only a few months ago. The purchase was made after my bankruptcy.
Customer: replied 8 years ago.
I am still whaiting for a reply too my question
Expert:  Ellen replied 8 years ago.
Hello,


I just came back on line. Sorry to keep you waiting.


The vehicle can be repossessed by the creditor. After the vehicle is repossessed the creditor can sell the vehicle to satisfy the lien and reduce the balance owed to a deficiency judgment. The deficiency judgment can be used to attach assets or wages.


Although the dealership has gone bankrupt, the lien itself may have been sold to a third party who may institute the above actions.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


Please click ACCEPT so that I can get credit for my work

Bonus and Positive Feedback gratefully accepted!


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen and other Bankruptcy Law Specialists are ready to help you