vehicle in debtors court
Date: Thu, 08/25/2005 - 19:30
Hi Vanessa After the truck is repossessed, your creditor will
Hi Vanessa
After the truck is repossessed, your creditor will sell it at an auction and try to recover the complete money you borrowed. If the borrowed money is not recovered in full amount from the sale, then the creditor might sue you for the deficiency. You are required to pay the balance amount to your creditors thinking about some fair available options at your end.
However, the creditors cannot commit a "breach of the peace," he just cannot break into your home or physically threatening someone.
Always read the contract as the lenders make sure that the paperwork is complete so that you don’t have the reason to skip the loan. They may not tell you all your rights but they will definitely tell theirs.
Think keeping some space ahead before you make a final decision. When you talk with your creditors, don’t cave in the pressure they put on you to pay the debt. Though they have the right to garnish your wages, but they won’t as long as you are willing to pay your debt.