Asked in Bankruptcy, Consumer Law, Contracts and Foreclosure for Tennessee

Q: Is there any way to work out with the lender the payment if I’m surrendering the vehicle ?

I volunteered to have it repossessed and I was told I would be left with the outstanding balance to pay when the vehicle is being repossessed

2 Lawyer Answers
Anthony M. Avery
PREMIUM
Anthony M. Avery pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
Answered
  • Knoxville, TN
  • Licensed in Tennessee

A: You might want an attorney to work out a compromise, so that no note deficiency is outstanding. The threat of Chapter 7 Bankruptcy might give you leverage. Also you might record and serve a Notice of Exempt Property.

Timothy Denison agrees with this answer

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

A: Most likely not, although a lawyer might be able to negotiate it out for 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.