Question about auto/boat repo's

[doglover1970]

I have gone back and forth several times about filing for bankruptcy or letting the credit union repo two autos and one boat. I was able to borrow money (small inheritance) to purchase two used autos, when the credit union told me that they were going to pickup my two autos and boat. I cooperated with them fully and even dropped off both vehicles and was there when they had a guy pick up the boat. My questions are regarding the diffencieny. I just got a certified letter about the boat. The boat was sold for $11k less than I owe. I assume I will receive two more letters once the car and truck are sold.
As it is with out the three big payments over my head, I will not have to file for bk, but what can the credit union (I live in Texas) do to recoop there losses? I am afraid I may still have to file for bk, but am hoping. Any help, thoughts and incite is appreciated.

[doglover1970]

thanks for the reply Bigboy2U.
any other thoughts would be greatly appreciated.

[LuciluS]

We voluntarily gave up our Motorhome last November with Bank of the West. It was sold sometime in Dec.

We have received only One letter from them stating the deficiency amount along with other fees & accrued interest the same month it was sold. We are filing Chapter 7 on 9/30/09. Just waiting for some income to drop off.

I don't have any answers for you. Hopefully someone will come along from TX with a similar challenge and be able to help you!

Luci

[doglover1970]

Thanks for the reply Lucilus. I am still hoping that I will not have to file for bk. If they do not come after me, I will be able to pay my bills and somewhat resume a normal life. If they come after me, I will have to file. I am Praying for the best, but fearing the worst.

Any other thoughts or suggestions are greatly appreciated.

[GoingDown]

unfortunately, credit unions tend to be a bit more sue happy than the regular banks.

Your wages can't be garnished in Texas.

And I have heard that although they can put a lien on a home in Texas, they cannot force a sale of the home. They have to wait until the home is sold by you or refinanced by you, to get paid. Run that by a Texas lawyer to be sure though.

If you sell the house before they file a lawsuit, there's nothing they can do about it.

Your checking accounts won't be safe. Start using cash and money orders to pay things.

If these ideas seem too unpleasant to you, then start preparing to file bankruptcy.