Voluntary repossession of vehicle
I have a question regarding automobile surrendering. I live in the state of Texas & because of severe financial difficulties, am considering having to surrender one of my vehicles. I have read that when an auto is surrendered, it will be sold at auction and the party would be sued for the difference between what the vehicle brings & the balance owed.
What happens when the creditor gets a judgement against me for that difference? I know in the state of Texas, there is no wage garnishment, but can the creditor attach our checking account? Or what other means does the creditor have do collect that difference from me. Because of health issues I have fallen behind (2 payments) on both of my cars, and can only catch up on one of them. This is not something I want to do, but I see no other way out.
Thanks,
Ken
What happens when the creditor gets a judgement against me for that difference? I know in the state of Texas, there is no wage garnishment, but can the creditor attach our checking account? Or what other means does the creditor have do collect that difference from me. Because of health issues I have fallen behind (2 payments) on both of my cars, and can only catch up on one of them. This is not something I want to do, but I see no other way out.
Thanks,
Ken
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