Q: Can a bank or debt collection agency or lawyer legally take our car for settlement of a 12-year old debt?
In 2002, we had a boat repossessed by the bank; balance of the loan at that time was approximately $6,000.
Yesterday a deputy showed up with a wrecker and a levy on our car and took the car away. If they can legally do this, and the car's value does not equal the amount of the original loan plus interest, how long can this continue? Can they come back and take anything they want until either the debt is settled or we have nothing left?
A: This is very complicated and you need an attorney on your side. You can claim up to a thousand dollars in a single motor vehicle as being exempt.
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