Legal Question in Credit and Debt Law in Texas
car repossessions
We voluntarily asked the company to repossess our car because we lost our job and was out of work for a month. We have a family of 5 with a part time job of $6.00 and hour with no more than19 hours a week . Sometimes not even 10 hours. What can the company or court do to us since we have to provide food and water and electricity for my family and there is no room for any other debt?
2 Answers from Attorneys
Re: car repossessions
As a practical matter, they really can't do anything to you. Obviously they can take a judgment against you for the unpaid balance, costs, etc. and that will show up on your credit. But they can't take your homestead, your vehicles, the tools of your trade, your kitchen utensils, or thousands of dollars worth of personal property. They may make your life a bit uncomfortable, but that's about as far as it can go.
Re: car repossessions
Did you try selling the car yourself that way you can pay off the car loan and won't include any negative credit reports?
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