vehicle repossession and ohio Deficiency laws

[danohio2831]

i am trying to cut expenses so i do not lose the house we live in. we just bought a car from my wifes sister for 1000. we have a car that is a 395.oo payment everymonth. i was thinking of just giving the car up and let them come take it. so i decided to look into doing that.

can i be sued for Deficiency laws. we owe like 16,000 and maybe if the repoed it they could sell it for 7000. in the Deficiency law from what i read the can try to sue me for the money they lost. 16,000 - 7000 = 9000 the can try to sue me for.

is this right?

[danohio2831]

I Live In Ohio, I Know States Differ

[SinkingFast]

You will most likely be responsible for the deficiency balance. Whether or not the Lender will sue, it's totally up to the Lender.

But if you file BK, you can discharge that debt, along with others, in the process.

[Minnymouth]

In Ohio the defeicency laws only apply if your NOT claiming bankruptcy...... (double check this to make sure with an attorney.)
The auto debt would be discharged in bankrtupcy as long as you surrender the vehicle.

You definetely need to contact an attorney (free consultation) and check out your options.