Legal Question in Credit and Debt Law in Virginia

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

Asked on 1/25/18, 8:41 am

1 Answer from Attorneys

Michael Hendrickson Law Office Michael E. Hendrickson

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.

Office Tel. (703) 838-5577

Read more
Answered on 1/25/18, 3:26 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia