When being sued by a bank for a car that’s been repossessed, what assets can be taken?

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When being sued by a bank for a car that’s been repossessed, what assets can be taken?

The car has been picked up after my grandson, against my will, parted it out. I just received a summons in the mail that I have 30 days to reply with a letter and suggested I get a lawyer but I’m elderly and can’t afford what they charge. Can they get my home, my car banks accounts and social security money?

Asked on February 13, 2012 under Bankruptcy Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From what you have written, it seems as though that you co-signed for the loan on your grandson's car. What has most likely happened is that the car was sold at auction and you and your grandson have been sued for a deficiency judgment as to the amount still owed on the loan.

If you do not answer the complaint, you will be defaulted where a judgment will be rendered for a specific amount and some of your property levied upon to pay the judgment. I suggest that if you cannot afford an attorney, you contact your county's legal aid program for possible assistance assuming such a program exists.


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