Failure to pay or repossession
If a person bought a motorhome to use after retirement and found out after he retired that he could not pay for it, and was unable to sell it for enough to satisfy the debt, what are his options?
1 Answer from Attorneys
Re: Failure to pay or repossession
Try to cut a deal with the lender for a percentage of the balance owed, bankruptcy (though that has changed October 17, 2005) or if the retiree has no assets other than his retirement, do nothing as retirement benefits cannot be garnished. However, if he has other property, that can be seized and sold to satisgy the debt. I suggest you consult with an attorney.
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