Expert: Terry Leeders - 7/28/2007

Question
hello terry! I have a question;I had a voluntarily repossessed my vehicle last year 2006,I cold my LIENHOLDER which is WELLS FARGO bank and I told them to came to pick up the vehicle due to my big financial problems,because of the divorce.this year I received a letter from them,that I have to pay the rest $ 11000 .what can i do?? I have no income,no money,can i file for bankruptcy chapter 7?and my second question is,if it is not to late to file now? there is a firm that I found on site,the name is BRIDGEPORT BANKRUPTCY can I trust them are they legal or LAWFULLY? thank you and GOD BLESS YOU TERRY!

Answer
Hi George,
Once repossessed, the lender will auction it off to recoup some value, and can collect from you for the deficiency balance.  The chapter 7 would discharge this balance.

I am not familiar with them.  I practice in Illinois, and would be happy to handle the case for you if you do not have an attorney yet.  Please contact me as soon as possible. The contact info is in my profile. Thanks