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I can no longer afford to pay for a motorhome. What will happen

Customer Question
when I stop making payments...
I can no longer afford to pay for a motorhome. What will happen when I stop making payments
Submitted: 5 years ago.Category: Bankruptcy Law
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Answered in 5 minutes by:
2/4/2012
Bankruptcy Lawyer: Ellen, Attorney replied 5 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
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WebLaw :

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

WebLaw :

Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :

Unfortunately if you do not make the payments on your motorhome, the lender may repossess the motorhome. After repossession, a judgment can be entered by the court for any amount of the loan that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on your other property and wages .

WebLaw :

If you have other debt "Just thinking about going further in the hole" you may want to consider filing a bankruptcy.

WebLaw :


I think this is what you wanted to know. Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

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Customer reply replied 5 years ago

if i turn in motor home in good condition. what are the odds that they will come after more money?

 

Bankruptcy Lawyer: Ellen, Attorney replied 5 years ago
If you are not able to sell the motor home for the amount that you owe or more, the chances are excellent that the lender will not be able to resell the motor home at a price sufficient to pay off the loan. In such a situation it is extremely likely that the lender will pursue a deficiency judgment
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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