Legal Question in Credit and Debt Law in Kentucky
Repossession civil summons
We did a voluntary repossession on a truck we had bought. The only thing we received from them after the repossession was a letter stating they had sold the truck and what was left for us to pay. Of course, we could not pay it that was why we let the truck go back in December of 2001. Now on October 2003, they have had us served with a Civil Summons. Is there a time limit on serving us with this Civil Summons? What happens if we can not pay this?
2 Answers from Attorneys
Re: Repossession civil summons
Hello,
Generally, a party has 15 years to bring suit on a contract in Kentucky. There are several thing that could be lookd at regarding the sale etc., or bankruptcy is an option. If you don't do anything, they can probably get a judgmeent against you, which menas they can garnish wages, bank accounts, etc, and possible seize other property. You should definitely not ignore this.
Re: Repossession civil summons
Unfortunately, it is almost certain that the lender is well within the time limit for bringing the lawsuit (assuming you signed documents obligating you to pay the loan).
If the lender gets a judgment, it can garnishee your wages, seize funds on deposit at financial institutions, ask the sheriff to seize your non-exempt property, and file a judgment lien on any real estate you own.
You may be able to negotiate either a discounted lump sum payment or an acceptable payment schedule.
Depending on your other debts and assets, it is possible that a bankruptcy filing would be an appropriate tool to get your financial situation back in order.
Good luck in resolving your situation. Remember that you have a limited time to respond to the summons!
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