What should I do if my car was repossessed? How? 10 Answers as of August 24, 2015

I had a car repossessed and it was sold at auction. The creditor sent me a bill for the balance. I can't pay I have been out of work for over 2 years.

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You may have to file BK. Meet with a lawyer face to face to see what your options are.
Answer Applies to: Colorado
Replied: 8/24/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
I would be checking into whether you are vulnerable if this creditor sues you and obtains a court judgment. If you have no job, own no real estate, and your other belongings are below what is protected by state laws called exemptions, the creditor may be unable to force you to pay. This is known as being judgment proof.
Answer Applies to: Nevada
Replied: 8/21/2015
Charles Schneider, P.C.
Charles Schneider, P.C. | Charles J. Schneider
File your bankruptcy.
Answer Applies to: Michigan
Replied: 8/21/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
This what Congress did for you.... look into a bankruptcy.
Answer Applies to: California
Replied: 8/21/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You can file a chapter 7 bankruptcy to get rid of the debt.
Answer Applies to: New York
Replied: 8/21/2015
    Ronald K. Nims LLC | Ronald K. Nims
    After you become employed again, you should file for bankruptcy. It doesn't make sense to file now because you've got no income to protect.
    Answer Applies to: Ohio
    Replied: 8/21/2015
    The Law Offices of Ryan F. Beach, PLLC
    The Law Offices of Ryan F. Beach, PLLC | Ryan Beach
    I am assuming the creditor who held the auto loan that was secured by the car that was repossessed was the one who took your car. If you were delinquent with the payments, it is within their rights to repossess the vehicle. Now that you owe a deficiency balance on the auto loan (difference between what was owed to the creditor and the amount they were able to sell the car for), you have three options. First, you can contact the creditor and make payment arrangements to pay the amount owed in full. Second, you, or an attorney you retain, can contact the creditor to negotiate a settlement on the debt. Settlement could mean paying a fraction of what is owed in either a lump sum and/or in installment payments. Third, you can file a Ch. 7 or Ch. 13 bankruptcy, to either discharge the total amount owed without any repayment (Ch. 7) or repay a percentage of the unsecured debt over a 3-5 year period and discharge the unpaid percentage (Ch. 13). You should consult with an attorney that practices both debt settlement and bankruptcy. Those types of attorneys typically offer free consultations. By taking advantage of a free consultation, you can find out what your options are and get help deciding which options makes the most sense for you.
    Answer Applies to: Michigan
    Replied: 8/21/2015
    D.J. Rausa, Attorney at Law | D.J. Rausa
    I bankruptcy will help you. You may want to meet with a local bankruptcy attorney as soon as possible.
    Answer Applies to: California
    Replied: 8/20/2015
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    You can file for bankruptcy protection and you will not be liable for the debt.
    Answer Applies to: New York
    Replied: 8/20/2015
    Freeman Law Group, LLC
    Freeman Law Group, LLC | Derek Freeman
    A bankruptcy will discharge the debt you owe for the deficiency on your car loan. You will have to examine your whole situation to see if filing a bankruptcy is worth it to you. If you don't want to file bankruptcy, you might be able to negotiate a settlement with the bank, or come to an agreement for payment terms. If you can't, the bank will likely seek a judgment, at which time it will be able to garnish wages, levy bank accounts, and so forth.
    Answer Applies to: Colorado
    Replied: 8/20/2015
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