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