If you default on your car payments, the creditor has the right to repossess the car. The car is then sold. If there is a difference between the amounts the creditor received and the amount that was originally owed, they may pursue you for a deficiency judgment. This means they will demand that you pay the difference between the price at auction and the loan amount. Deficiency is basically the amount that is owed on your auto loan after repossession has taken place. If your car was worth $9,000 and it sold for $6,000, you will owe a deficiency of $3,000.
Joseph J. Mancuso aggressively defends consumer's rights and has successfully helped clients to avoid unfair creditor practices. Our law firm has years of experience helping clients in protecting consumer rights in areas of law such as repossession and deficiency judgment. If you are living in fear of repossession, speak with an Orlando debt relief attorney immediately.
If you have defaulted on a payment or loan for your property such as your car or house, creditors may seize your property. Our firm may be able to assist you in saving your car or home from repossession. Debt relief may be available to you in the form of Chapter 7 and 13 bankruptcy. In some situations, other options are available. The best thing to do is to speak with an attorney to find out what debt relief action is right for you. In many cases the debt can be restructured making it possible to keep up with payments that are now reasonable in cost.
Chapter 13 may be able to help those who are facing foreclosure to avoid losing their homes. Time is of the essence when pursuing legal help for foreclosure, as the bankruptcy filing must have taken place before the sale date of the house. If you are afraid that your house or car will be taken away from you through foreclosure or repossession, don't wait to speak with us!
Contact an Orlando repossession defense lawyer if you are faced with repossession.