What will happen if I send it back after filing Bankrupcy 3 years ago? My husband states I will go to Jail for not paying my debt. Help, someone give me some information!!!
2006-10-01 05:58:21 · 8 answers · asked by Pivey 1 in Business & Finance ➔ Credit
You won't go to jail. You will have the truck repossessed and sold at auction and be responsible for the balance due plus the cost of repo and sale.
If the truck is worth close to what you owe, see if the finance company will take the truck as a voluntary repo for the amount owing. Or try to sell it yourself for the amount due (the payoff price at the time of sale, not the balance of payments owed).
If necessary, sell it for what you can get and add the difference out of your own pocket. It will be a lot cheaper than repo and auction.
If you have other debts, you may qualify for a c. 13 bankruptcy and be able to surrender the truck that way. You'll have to pay the balance, but no added interest.
2006-10-01 06:06:39 · answer #1 · answered by thylawyer 7 · 1⤊ 0⤋
your husband doesn't know what he's talking about.
talk with a bankruptcy lawyer to find out what you can do.
if you've been making payments... then that's open credit, unwritten of credit.
people don't go to jail for things like this.
stop listening to people without the knowledge and authority on these things, just get in touch with a bankruptcy lawyer, they'll understand and give you the what not about your rights and what you can do if you wish to keep the truck or give it back.
as long as you've been making payments.. if not the lawyer will look over the situation and then tell you what your current status is with the company involved between you and the truck and then he'll tell you what you can do and ask you of course what you wish to do.
then proceed on from there with another payment plan, what you need to owe in order to keep the truck or return it and what you may owe over all because of this situation from keeping the truck.
that's all.
don't sweat it, just get someone official involved and your rights will be protected along with your collateral.
2006-10-01 06:23:14 · answer #2 · answered by Anonymous · 1⤊ 0⤋
There is NO debtor's jail in this country.
But a voluntary or involuntary vehicle repossession will go onto the credit reports severely lowering the credit scores, especially the "auto finance" credit scores. A "past due" amount will also show on credit, lowering scores even further, and for a few years to come as past-due amounts are very harmful to credit scores.
You might like www.LearnAboutCredit.com
Rate for any other auto loan for MANY years to come will be in the 20% range.
2006-10-04 19:44:45 · answer #3 · answered by supercreditguru 3 · 0⤊ 0⤋
You better not send that truck back! Not because you will go to jail (that's ridiculous, you won't - he must have a vested interest in you keeping that truck) but because you are going to totally ruin your credit. You can recover from a BK but if you do something like this again then no one will give you credit.
Sell the truck and get a loan to pay the difference, then be more thoughtful and careful about your expenses. $565 monthly is just ridiculous! You should be buying used and low cost cars until you can count on the income.
2006-10-01 07:56:48 · answer #4 · answered by Not Laughing w/ U 3 · 0⤊ 3⤋
I doubt you would go to jail...best thing is to talk to a bankruptcy attorney. Good luck.
I would think that when it comes to financial matters people want to see you be responsible, own up to mistakes, and work with you on getting debts repaid. There is no advantage in sending someone to jail. Talk to an attorney though to be on the safe side.
2006-10-01 06:08:45 · answer #5 · answered by powhound 7 · 1⤊ 0⤋
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2016-11-25 20:37:09 · answer #6 · answered by ? 4 · 0⤊ 0⤋
contact a lawyer they will have the answers you need. first consultation is free usually. Sorry you are having such a tough time.
2006-10-01 06:01:55 · answer #7 · answered by Krys M 2 · 0⤊ 0⤋
i really don't think you will go to jail, are you discharged yet.
2006-10-01 06:06:12 · answer #8 · answered by jackie d 4 · 1⤊ 0⤋