auto reposession

[MichelleJackson]

What is the name of your state (only U.S. law)? Indiana
I have a question pertaining to a recent auto repossesion. It was taken almost a month ago, i recieved a letter 2 days ago stating that my car was sold at auction, for way less than it was worth and certainly less that I paid for it. It also stated the balance i will still owe, which is well over $4000. Obviously, I could not afford it, thus the repo, how am I supposed to come with that much money? Especially since my mortgage payment went up about $300. Is there any legal way I can get out of this mess? Can I file bankruptcy again? I filed chapter 7 about 5 years ago. Do recommend an alternate remedy?

[TheGeekess]

That's what happens when one allows a car to be repossessed; it is sold at auction and the difference is the responsibility of the defaulting borrower.

You owe the difference between the auction price and what was owed on the note. I don't believe you can file for BK again (especially since it's only been 5 years since the prior BK). So, you're SOL and you will end up paying for this car.

[Antigone*of*Greece]

Originally Posted by MichelleJackson

What is the name of your state (only U.S. law)? Indiana
I have a question pertaining to a recent auto repossesion. It was taken almost a month ago, i recieved a letter 2 days ago stating that my car was sold at auction, for way less than it was worth and certainly less that I paid for it. It also stated the balance i will still owe, which is well over $4000. Obviously, I could not afford it, thus the repo, how am I supposed to come with that much money? Especially since my mortgage payment went up about $300. Is there any legal way I can get out of this mess? Can I file bankruptcy again? I filed chapter 7 about 5 years ago. Do recommend an alternate remedy?

The only legal way out of this mess is to pay what you owe. The alternative remedy I recommend is a second job.