Legal Question in Bankruptcy in Nebraska
personal guaranty
I personally guaranteed a loan on a vehicle. I can no longer make the payment. If I let the note holder take repossesion do I owe anything? Or do I have to make up the remaining balance after a court decides the value of vehicle (balance - repo value = what I owe)?
Asked on 11/15/08, 8:32 am
1 Answer from Attorneys
Re: personal guaranty
If you give the car back (or it gets taken back) the lender will sell it at an auction, and you will owe the difference between the loan amount and the amount the lender gets at auction. The lender can sue you for the deficiency. The court does not have any role in deciding the vehicle value.
Answered on 11/16/08, 4:43 pm
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