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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I will be served a summons to appear in court for a deficiency

Customer Question

I will be served a summons to appear in court for a deficiency balance for an auto loan for aprox. 6000.00. What are my options? I voluntarily had the car repossessed, but realize that this does not matter. I live in Oklahoma and would like to know what repayment options are available to me. (IE: the minimum that I can be forced to pay) Also, I was not notified by the lender of the sale. Does this matter? Thank you so much for any advice that you may have!
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.


Thank you for your question. I am happy to assist you.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13.

There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your credit card debt. It would be an opportunity for a fresh financial start.

A Chapter 13 bankruptcy could reinstate a mortage that is in default. However, it may require that you repay some of your unsecured credit card debt.

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