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We purchased 2007 Chevy Silverado pickup. We added steps and

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We purchased 2007 Chevy Silverado...
We purchased 2007 Chevy Silverado pickup. We added steps and bed liner. After one year we unable to keep up with the monthly payment due to change in income and the car was repossed. Bank auction the car for $15,000 and now wants to collect the balance including towing & other charges totaling $17,000. Do we still pay for the balance of the loan? Would it be better to file bankcruptcy for this balance?
Submitted: 8 years ago.Category: Business Law
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Answered in 25 minutes by:
12/4/2008
Business Lawyer: Dwayne B., Attorney replied 8 years ago
Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 34,052
Experience: Practicing for over 20 years and helped a number of businesses with litigation.
Verified
You are still responsible for the deficiency. Bankruptcy is certainly an option to clear the debt although it is hard in Texas to collect on a judgment.

You may want to go and speak with a bankruptcy attorney in person and look at the option. It usually isn't worth filing a bankruptcy for one debt alone, however you should go over all of your finances to determine if it is the correct choice.

Thank you for allowing me to assist you. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. Please remember that we can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions. Please be aware that my answer is not legal advice, it is merely information and no attorney client relationship has been formed. You should always contact a local attorney for legal advice.

Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR TEXAS ATTY” in the subject line and I will pick up the next time I am online.
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Dwayne B.
Dwayne B.
Dwayne B., Attorney
Category: Business Law
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