Nashville, TN asked in Bankruptcy and Collections for North Carolina

Q: Being sued on a failed car loan, I turned the car in. how can I go about this? my bills take most of my pay as it is

N/a

Related Topics:
3 Lawyer Answers
Lynn Ellen Coleman
Lynn Ellen Coleman
Answered
  • Bankruptcy Lawyer
  • KERNERSVILLE, NC
  • Licensed in North Carolina

A: You should see a bankruptcy attorney for a personal consultation as soon as possible. I don;t know what kind of notice you received, but if it is from the Sheriff with a "writ of execution" this is extremely urgent and you should not delay the consultation. A qualified consumer bankruptcy attorney will explain all options for you to deal with this, from doing nothing, making a settlement, paying in full or filing bankruptcy to discharge this debt. It's a bit too complicated to give such a consultation on an internet message board. In addition, this is a public forum and you do not want to share personal details here.

Mr. Albert Loch Saslow agrees with this answer

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Consult a bankruptcy attorney ASAP. He or she can evaluate your financial situation and help you make the best decision

Lloyd M. Nolan
Lloyd M. Nolan
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Chesterfield, MO

A: This seems straightforward. You stopped payments on the auto loan and turned in the car. The car was probably sold for less than what you owed on the loan and now the lender is suing for the balance - a deficiency. If you are in a position where your basic living expenses meet or exceed your monthly income you are a likely candidate for bankruptcy. If you meet the income qualifications, have very few assets, and you have not filed a bankruptcy case within the last 8 years, you will more than likely benefit from filing a Chapter 7 bankruptcy. If, for some reason, you are not eligible, or Chapter 7 is not appropriate, relief is available under Chapter 13. I would suggest that you immediately contact a bankruptcy lawyer in your area. If you do not address the problem, a Judgment could be entered against you.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.