creditor files bankruptcy

We had a car reposessed in Tennessee (that is also where we signed the contract) in 1996. In 1997 the company that financed our car filed bankruptcy. On our credit report it showed that our deficiency had been written off. We never heard from them and assumed that was the end of it. In 2000 they came back in business, which we were unaware of and this past month we were served with papers to appear in court in January. The amount that they are suing us for is 4 times the amount that was written off on our credit report. Is this legal for them to sue us after they filed for bankruptcy and wrote our debt off. Also this past August they changed our credit report, is that legal. Any response to these questions would be greatly appreciated.

I am no attorney, but credit reports are not a financial
statement like a bank statement, credit card statement,
etc. Credit reports are an attempt to let other businesses
know your past payment history; i.e., number of times
late, etc. Credit reports also attempt to let other businesses
know how much you owe in total. When the finance
company went bankrupt, it probably stopped reporting
to the credit report companies the amount you owed.

1. How much did you owe just before the car was repossessed?

2. Based upon the condition of the car when it was repossessed,
what was the wholesale value of the car when it was
repossessed?

3. Subtract $ amount of # 2 from #1. That should be an
approximation of what you owed when the car was repossessed.

4. Using original car note interest rate, add interest accumulated
against the amount in #3 since 1996, and see if it comes close to
what they say you owe. However,

I question whether or not you should have to pay for interest
since 1996.

Contact an attorney. An attorney might be able to get a
reduction of the amount owed to as low as the amount
in # 3.

Citizen Brown