Mount Pleasant, IA asked in Bankruptcy and Collections for Iowa

Q: Faltered on auto loan, not my vehicle, company filed lien on me,options?

Girlfriends vehicle what options do I have regarding responsibility or bankruptcy

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1 Lawyer Answer
W. J. Winterstein Jr.
W. J. Winterstein Jr.
  • Bankruptcy Lawyer
  • Boyertown, PA

A: Much of the best answer depends upon whether/what docs you signed regarding the auto loan.

That the auto loan lender "filed a lien" against you strongly suggests that you signed some form of personal guaranty of payment on that loan. If so, and the loan is in default, the lender is within its rights, and may proceed either to repo the auto, or proceed to enforce its lien against your other property.

On the other hand, if you did not legally assume liability for the auto loan, the lender may well already have overstepped its rights.

Speak candidly with an experienced attorney licensed to practice in Iowa about these issues.

Timothy Denison agrees with this answer

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