If I’m going overseas for at least 6 months and would be leaving behind car payments which I can no longer make, what’s best to do and how?

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If I’m going overseas for at least 6 months and would be leaving behind car payments which I can no longer make, what’s best to do and how?

No time to file for bankrupcty; retired from county goverment service; no assets; direct deposit of monthly retirement income should be levy-exempt.

Asked on August 2, 2012 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Given the circumstances that you have written about where you cannot afford to make the car payments on the vehicle that you have, if you have registered title of the car in your name, you should sell the car and give the proceeds to the lender.

If you do not have registered title in your name, then you should turn the car in over to your lender and move on. Note, you most likely will end up with a deficiency judgment over the turn over of the car.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Given the circumstances that you have written about where you cannot afford to make the car payments on the vehicle that you have, if you have registered title of the car in your name, you should sell the car and give the proceeds to the lender.

If you do not have registered title in your name, then you should turn the car in over to your lender and move on. Note, you most likely will end up with a deficiency judgment over the turn over of the car.


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