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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am upside down on my car and my husband is terminally ill.

Customer Question

I am upside down on my car and my husband is terminally ill. I cannot afford the payments
and the high maintenance cost (it's a Nissan 350Z). If I voluntarily surrender it for repossession, will I have to pay the deficiency balance.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
Hi JACustomer,
Unfortunately, if you surrender the car, the bank or a collection agency who subsequently purchases the debt can get a deficiency judgment for the difference between what the car is sold for (which is often a minimal amount) and the balance on the loan.