Repo and the laws

[lennon121881]

My car was repoed last summer and it was sold for $7k and which left me a remaining balance of $7.5K, but the issue is I have been out of work for a little over 2 years and I just got back to work this past August, so I have not had time to get back on my feet yet. Well about a month ago I started getting calls from Oxford Management about my debt and the last message they left on my machine said they are going to start legal action, now just yesterday I got a call from from something called Warrants division I'm not sure what that is.

I have contacted a lawyer about filing bankruptcy, but I have not had time to meet with him since I have been working 73 hours a week .

So I'm wondering what can these 2 agencies do and what happens when I meet with the lawyer? Can I be arrested for this?

[HHM]

1. You CANNOT be arrested (at least not yet )

2. This Warrants Division thing is probably just a scare tactic.

But, they could sue you for the balance and get a judgment against you. Once they get a judgment, then they could garnish your wages, etc. However, that takes time, usually 2-4 months depending on your state and jurisdiction.

I wouldn't worry about it, go see a lawyer when you can.

[lennon121881]

1. You CANNOT be arrested (at least not yet )

2. This Warrants Division thing is probably just a scare tactic.

But, they could sue you for the balance and get a judgment against you. Once they get a judgment, then they could garnish your wages, etc. However, that takes time, usually 2-4 months depending on your state and jurisdiction.

I wouldn't worry about it, go see a lawyer when you can?.

Do they have to contact you if there is a judgment?

[genseeker]

OP, did you receive all the required notices for the repo? Before filing BK, you might want to find out if they can sue and win. I say it that way because if they did not follow your state laws, then they cannot sue you and win, as long as you know how to defend yourself.

Check out this site for more info http://whychat.5u.com/repoltr.html#resource and you can visit www.creditboards.com for even more help and advice

[lennon121881]

OP, did you receive all the required notices for the repo? Before filing BK, you might want to find out if they can sue and win. I say it that way because if they did not follow your state laws, then they cannot sue you and win, as long as you know how to defend yourself.

Check out this site for more info http://whychat.5u.com/repoltr.html#resource and you can visit www.creditboards.com for even more help and advice

Thanks for the links

The one thing that I'm wondering is if they should have even given me the loan in the first place. I was upside down by $8K on one car and bought the now repoed car for $16K which is around $25 grand total between the 2 when I was only making $9 hrs at the time, my payment was $385 a month not counting insurance.

[BassBoy]

Thanks for the links

The one thing that I'm wondering is if they should have even given me the loan in the first place. I was upside down by $8K on one car and bought the now repoed car for $16K which is around $25 grand total between the 2 when I was only making $9 hrs at the time, my payment was $385 a month not counting insurance.

I think all of us have asked ourselves this same question. Unfortunately, it is up to the buyer/borrower to determine if the deal is good or not. Automobile dealers are a money making machine and they'll squeeze every penny out of you that they can get.