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Richard, Attorney
Category: Legal
Satisfied Customers: 55280
Experience:  Attorney with 29 years of experience.
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Have a vehicle, i owe too much, wife and i are on ssn only,

Customer Question

have a vehicle, i owe too much, wife and i are on ssn only, used to help income by painting but medical reasons canceled that, i know i will ruin my credit but i don't care anymore, we don't have a life except bills,how do we unload auto without any more money, thank you
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.
Good afternoon Alvin. My name is ***** ***** I look forward to helping you. If you have nothing and your only income is SS income, then the lender has no recourse against you. You can simply stop making the payments and let the lender repossess it. Your social security income is exempt and retirement accounts are exempt and can't be touched, so even though you may be liable for a shortfall if the car's value is less than what you owe, you are basically judgment proof. Typically in your situation, once you show them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the lender because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!