I am being garnished for a repossessed auto in 2005, I was the co signer. They could not get the primary person, so they went after me. Is there another option other than bankruptcy. The interest is like $20,000, the creditor has the vehicle, I can’t believe that if they have the car, why I would have to pay that much, when they just contacted me in late 2017
1 Answer from Attorneys
Have you double checked the amount that is being claimed by this creditor for interest alone as well as the
fair market value claimed for the vehicle at the time it was reposessed?
Furthermore, you may be able to utilize a homestead deed to exempt up to $10,000.00 from this garnishment
and if you also have other funds or income such as SS, veterans', or other payments which are by law
protected from creditor actions such as garnishment, this could increase even more the total amount over and
above the $10K which might possibly be exempted from this garnishment.
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