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Can I Discharge a Deficiency Judgment In Bankruptcy?

Can I Discharge a Deficiency Judgment In Bankruptcy?

Can a car company sue me even if the car was voluntarily surrendered? Unfortunately for Danny C from Brooklyn the answer is yes. A creditor can pursue a deficiency judgment.

Danny, his wife and their four year old son live in Brooklyn. A few years earlier he attempted to help his brother by financing a car for him. Although he never drove the car, the title and the loan were under his name. You know what they say, “A good deed never goes unpunished”. Danny’s brother could not make the payments and he voluntarily surrendered the car. Soon the car company was asking Danny for deficiency. The aggressive tone and the frequency of the collection calls started to increase. Danny needed help.

He tried to contact the car company and work out a deal. They couldn't tell him when the car was sold or how much they received for the car. They wanted their money and they wanted it now!

Stop Repossessions with Bankruptcy: How Your Vehicle Can Survive The “Repo Man”

In these difficult times, with thousands of people losing their jobs every month, it can be hard to keep up with all the expenses, especially when the bills keep coming. Falling behind on payments for a vehicle happens to the best of us. Sometimes life deals you adversity like an unexpected medical bill, a work related layoff or some other situation that no one plans for in the budget. You don’t have the money for it, but if you put off the car payment, you can get the bill paid, and hopefully can catch up on the car payment next month.

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