About John Hall Expertise Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of
experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and
13 of the United States Bankruptcy Code) primarily representing individual
debtors with consumer debt or small businesses; Experience has included all
aspects of debtor/creditor relations.
Experience FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.
Question Last June my wife and I bought a new Ford F150 pick up sine then my wifes income has been cut in half and we can by no means afford the $587 a monthe payment. We tried like crazy to trade the truck into anything with a smaller payment, but we $26000 on the truck and it is just not worth any where near that much. So last weekend the local Honda dealer got me approved for a third car note and we bought a car with a $200 a month less payment and it was suggested to just do a voluntary repo of the truck, so I am in that process now. Texas has a 10 day period once the creditor is notified. What are the ramifications of what we have done? And also if I park the truck in my garage until it is picked up by the creditor do I have to keep insurance on it?
Answer You've already answered this question
Bryon McClintock Asks in Category Creditors and Bankruptcy Q`s:
Subject: Voluntary Auto Repo
Private: no
Question: Last June my wife and I bought a new Ford F150 pick up sine then my wifes income has been cut in half and we can by no means afford the $587 a monthe payment. We tried like crazy to trade the truck into anything with a smaller payment, but we $26000 on the truck and it is just not worth any where near that much. So last weekend the local Honda dealer got me approved for a third car note and we bought a car with a $200 a month less payment and it was suggested to just do a voluntary repo of the truck, so I am in that process now. Texas has a 10 day period once the creditor is notified. What are the ramifications of what we have done?? And also if I park the truck in my garage until it is picked up by the creditor do I have to keep insurance on it??
Answer: If and when they sell the car for less than what you owe, it is likely that there will be a deficiency judgment placed against you.
Also, be sure that what these new lenders are doing is NOT paying off your old car and then rolling it all into your present note. That would make your situation even worse. However, based on what you have said, that doesn't appear to be a problem.
Another consideration is that often when you call these people to come and get the car, they are not very diligent in actually coming to get it. Be sure to cover yourself if you want to do it this way - do it all in writing and tell them when and where they can pick it up. Also advise that after a certain date you will no longer be paying for the insurance coverage.
You may have another option here though that is better than what is described above. If you call me I can explain in more detail how you can possibly come out of this in better shape (both in terms of credit rating and putting this repo behind you without having to pay a deficiency) than just having a voluntary repossession. And what I am suggesting does NOT involve a monetary settlement - paying these people more at this point is the worst thing you coulde do.
Call me if you want to discuss this further. I will not charge you just to talk on the phone. 661 492-2673
