Legal Question in Credit and Debt Law in New York
My husband and I purchased a car in 2000. He was payee and I was co-signer. The car was totaled in an accident, and had no insurance at the time. We still owed on it. I don't work, he does. They are now taking money from his pay check to pay off the car. Can they do that ?
Asked on 9/08/16, 2:29 pm
1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.
What do you expect them to do? You owe $ on a car you didn't insure...I'm going to assume the accident was your fault (otherwise the other car's insurance would have had to pay you for the damages). So what do you want the lender to do...eat the loss? It doesn't work that way. IF the car was repoed and went for scrap, you and your husband have to pay what is still owed on the car. OR...file chapter 7 and go bankrupt if you owe a lot.
Answered on 9/08/16, 2:35 pm