debt collections

I had a car that was recently repossessed and I have an outstanding balance of 8,000. What can i do legally to protect myself from my creditors. I had lossed my job and was unable to pay my car note.

Asked on May 26, 2009 under Bankruptcy Law, Texas

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unfortunately if you owe the money you cannot simply do a certain act to shield yourself. What you should do is contact the creditors and attempt to work out payment plans with them.

People all understand that hard times happen, even creditors. However they still expect you to be responsible for the debts you incur. If you explain your current economic status they may be able to work with you in building a program to help you pay off your debt without causing any undue hardship.

If they will not set up a payment plan and you fear they may proceed down a path you prefer they do not take you may want to consider hiring yourself a local attorney to handle these matters. They can talk to the creditors and get a better understanding of where things stand as well as use any tactics they may know to help you while you get back on your feet


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