Will filing a bankruptcy relieve me of any financial liability regarding a repossessed car?
Question Details:
Our car was repossessed. Now (3 years after the fact) the auto finance group is trying to force us to pay the difference. Their attorney says they haven't filed action yet, but they might very soon. The wife and I have been considering bankruptcy for some time now. We are in a financial mess. Then this issue came up and is really pushing us in that direction. Will bankruptcy help take care of the problem with the car?
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Yes, the deficiency you owe after sale of the vehicle is dischargeable in a bankruptcy case.
Mark J. Markus, Attorney at Law
http://www.bklaw.com/
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