i had a car repo'd....they resold it....i owe them like 4 grand,....can they garnish my wages?
2006-12-09 12:16:44 · 8 answers · asked by niner_72601 1 in Business & Finance ➔ Credit
If they get a judgment, yes, they may.
Knowledge is power.... READ UP!!
Learn about judgments:
http://www.expert-credit-advice.com/learn_about_judgements.htm
Learn about garnishment procedures:
http://www.expert-credit-advice.com/wage_garnish.htm
2006-12-10 09:20:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Ok the main thing is how long it was. If it was recent then a lawsuit could be filed quickly, then once that win that suit they get a judgment. After that then they garnish wages. It is a very complicated process. They will have to invest lots of time and money to even see if it is worth suing you. Lets say you have a job making 50k, house with equity, if you don't have other debts, other assets. Then they will be more likely to file a suit. Now lets say you make 30k, rent, pay child support, have debt up to your chin they will not waste there time. The reason why is they will have to pay a lawyer out of there own pocket 1-2k extra and if you go bankrupt they just lost that money. IF they win and you have assets etc. they will add there attorneys fees. If you have 2k settle on that and be done with it, even threaten bankruptcy.
good luck.
2006-12-09 13:54:49 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Dont know where you live...but if you owe it, and your banking info is listed on the application, they can take it out of your account if they cannot contact you. A large company..let just use ford credit....has attorney's that can file a judgement in your county and your employer will be served to garnish your wages. If you boss fails to comply, they can be charged with not following to court order.
2006-12-09 12:28:44 · answer #3 · answered by jshorePR 4 · 0⤊ 0⤋
It depends on the state where you purchased the vehicle (got the loan). In most cases, however, bad auto loans are called even if they've repo'ed the vehicle. The creditor will usually write off the debt, unless it's a significant amount.
If you have valuable assets, you should considering talking to a bankruptcy lawyer. However, keep in mind that bankruptcy lawyers are gung-ho because they only make money if you get suckered into filing it, so watch out!
Your other option is to just sit and let it slide --- after so many years (depending on your states statute of limit for written debt) you're off the hook and scott free. The negative entry on your credit report will fall off after 7 years from the date it went to collections, usually at 180 days unpaid. The risk is that if you make good money or have assets, they "may" come after it. However, the plus side is they can't come after you if they don't know where you work or where you live.
In most states, civil lawsuits require a notice to be served, so if they can't find where you live, they can't serve you. And even if they do find where you live, they cannot serve you if you refuse to be served (in person) or if you refuse to sign for notices sent via the U.S. Postal Service certified mail.
Life is all about making decisions, and there's costs and risks with each one.
2006-12-12 22:16:43 · answer #4 · answered by Guru Sharma Prasad 4 · 0⤊ 1⤋
Only if they get a judgment. Even then, they have to get a writ of garnishment in order to execute it. If you are served, find an attorney. If not, they will send it to a collection agency but the damage won't be any worse.
2006-12-09 12:30:50 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
The rules govening such things seem to vary from state to state. Call a local attorney.
2006-12-09 12:20:00 · answer #6 · answered by raredawn 4 · 0⤊ 0⤋
I am afraid they can.If you are having a lot of money
trouble you could seek bankruptcy.
2006-12-09 12:20:24 · answer #7 · answered by doulasc 2 · 0⤊ 0⤋
No.
2006-12-09 12:19:58 · answer #8 · answered by Anonymous · 0⤊ 1⤋