Car Help!

[SECologuy]

I hope someone out there can give me some advice. I live in Colorado and due to a long term illness i have a car that is 18 months overdue on payment to the loan company. The car is still in my posession and Im afraid of what might happen if I contact the loan company to have it repo'd. Would it be a wise idea to file bankruptcy? Im worried that since its so overdue i might have criminal repurcussions due to this too..... someone please help! Thank you!

 

[Aaronsmom]

I hope someone out there can give me some advice. I live in Colorado and due to a long term illness i have a car that is 18 months overdue on payment to the loan company. The car is still in my posession and Im afraid of what might happen if I contact the loan company to have it repo'd. Would it be a wise idea to file bankruptcy? Im worried that since its so overdue i might have criminal repurcussions due to this too..... someone please help! Thank you!

I am surprised that they haven't repo'd your car yet. What will happen if and when you contact them, assumably, they will come and get your car and you will have a repo on your credit. After they take your car to auction and sell it you will owe the bank the balance of the loan along with the 18 months of payments that you are behind. I don't know the answer to the criminal reprocussions question. But I do believe they can sue you for monies owed. Even if you file bankruptcy they will come and get your car. It would have been wise for you to have contacted them when you became ill to explain you hardship, they may have been able to work with you.
Good Luck to you.

*********************************************************
I am not an attorney nor claim to be one. All information is provided soley as opinion and should not be construed as legal advice.