Legal ramifications if I turn back to bank an RV that I am unable to pay for.
Question Details: I am an 86 year old woman who purchased an RV 2 years ago in the state of Washington. The financing is thru a large banking institution with payments of $711.00/month. This has become a financial burden due my fixed income. If I turn the RV back to the bank because of inability to make payments, then what, if any, of my income or assets would be in jeopardy of attachment, specifically my social security, small pension, automobile, etc.?
Business Law Answers
Your Social Security benefits cannot be garnished. Your automobile would have to be worth money (i.e. be nearly new or have a high blue book value) in order for it to be valuable for the bank to take. If you are living on fixed income and you are past the age of being gainfully employed, it is probably not worth it for the creditor to pursue you. It can, of course, sue you in court and get a judgment. But it would have difficulty collecting on that judgment. The creditor may decide that it is not worth the time and effort.
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