Interrogatories

[troyh41]

What is the name of your state? Colorado, Adams County

I just received a Notice With Interrogatories and I was wondering if I am required to provide this information (relating to assetts and financial information)? Since providing this information may adversely my financial well being, do I have the right to remain silent as in criminal proceedings?

Also, if I own my pick-up, can the creditor who served me take possession of the vehicle if it has a mechanics lien already against it?

Thanks,
Troy

 

[Debt Guy]

Yes. You must respond. The court has ordered you to respond. If you don't respond, the plantiff will just ask the judge to issue a contempt order. You could be arrested.

Cops are not likely to show up at your front door. But, if you get stopped for a traffic violation, you will be wearing an orange jumpsuit for a couple of days until you get things squared away.

As to the issue of assets -- every state has a list of assets that are exempt from attachment. The court clerk might have a list of assets that are exempt.

Can they take your car? Perhaps. Take an example (these are all made up numbers). The vehicle is worth $10,000. The loan is $6000. You have $4000 of equity. If state law allows $2500 as exempt, then you have $1500 that is exposed and could be attached by the creditor.

I know you don't want to hear this. Your best interest is served by dealing with this head on and addressing the problem as quickly as you can. Delay will only cost more money.

Alternatively, you could file bankruptcy.

 

[troyh41]

So they can put a lein on my car but they cannot repo it if another creditor already has a lein against it?

 

[Debt Guy]

I did not say that. It really depends on what the laws of your state provide.

But, if they reposses it, they do so subject to the liens in place.