Need help fast

What is the name of your state? Colorado

I had a car reposessed because I lost my job and my husband I could not afford the payments. The repossesion was voluntary. They came and picked up the car and we didn't hear another word for months. We tried calling the finance company but no one had any information as to what transpired with the car. They assured us that IF we owed anything, we would be able to work out payments. This car was leased as opposed to purchased. We finally received a bill from the finance company stating we owe $9,000.00. I sent them a letter asking for documentation showing how that figure was derived and asking if we could make monthly payments - no response. Then we received a letter from an attourney's office on behalf of the finance company. I sent them a similar letter and sent them email, again with no response. Then I received a summons. I called the attourney's office. The man I spoke to said he needs $5,000 down and $500 a month until the dept is paid. We can't afford that. I finally got him down to accept $1,000 down but he still wants $500 a month. If we could afford $500 a month we would have kept the car. We currently live off of one salary and we have two small children under school age. We also have a sizeable house payment and other obligations to meet. My husband does not want his check garnished and the man at the attourney's office said they could take up to 25%. That would put us on the street. How could this man ask for so much money that we couldn't afford without sacrificing the health and welfare of the family? Should we go to court to plead with the judge and show what our income is and we can't afford $500 a month?

[JETX]

Q1) "My husband does not want his check garnished and the man at the attourney's office said they could take up to 25%."
A1) Assuming that they get a judgment against you (likely), then CO law has the following exemptions from wage garnishment:
"75% of disposable earnings per week, or an amount = to 30 x federal minimum hourly wage, whichever is greater."
Simply, anything above that exemption limit is subject to garnishment. Additionally, the judgment creditor can seize property, bank accounts, vehicles, etc. as allowed by CO law.

Q2) "How could this man ask for so much money that we couldn't afford without sacrificing the health and welfare of the family?"
A2) Because you made a promise to pay and then breached that promise. Further, the company that loaned you the money expects you to pay what you promised so that they can pay their employees who don't want to 'sacrifice the health and welfare' of their families. I reverse the quection... "How could you expect to get the benefit of someone elses money and then expect to not have to repay them?"

Q3) "Should we go to court to plead with the judge and show what our income is and we can't afford $500 a month?"
A3) Yes, if you have any defense to the claims made against you, certainly show up and offer them to the court. However, if your defense is "I can't afford to pay", save your breath. The ability to repay is not a criteria of law for the court to determine. The court will only rule on whether you owe the debt and the total amount owed. The court will not concern themselves with your ability to repay. Then, the judgment creditor will take whatever steps allowed by the law to enforce their judgment against you.

I know you don't like the above answers, but they are the hard facts of your situation.

The only real thing you can do is to ask the attorney to forward a copy of ALL the charges claimed against you and their supporting documentation. Simply, you need to get them to prove the amount that they are claiming. If it is correct, then you really have little or no defense against the correct amount claimed.

[Ladynred]

In some states, like mine, you can file a motion with the court that asks that you be able to make payments in lieu of garnishment. In that case, you take your financial papers with you to court and the judge then decides on the payments.

You may want to look into whether or not that option is available to you in CO.


Just a thought.....