Can wages be garnished for the balance of an auto loan in the state of Delaware
Yes. Even though the vehicle was repoed, they could take you to court for the remaining balance, or what they didn't recover through resale of the vehicle. You would be notified that you are being sued, and have the opportunity to go to court in your defense. If the court finds in favor of the lender (which they generally do), you could have your wages garnished. That may be the point where you have to decide if bankruptcy may be right for you. Bankruptcy would stop those proceedings and keep your wages from being garnished.
If the lender has obtained a judgment against you, and garnishment has begun, yes. The lender will continue to garnish your wages until the balance of the debt is paid. This could include the remaining balance after the vehicle was sold at auction and all costs, interest, and penalties incurred by the repossession.
What happens is this, the vehicle gets repo'd. You still owe the deficiency after the vehicle is remarketed. The bank will take you to court for the deficiency. If you do not pay the deficiency if you are ruled against, they may garnish wages by court order. It takes legal action for wages to be garnished.
When you enter in a legal contract to pay and you default it is the creditors right to use all legal means to collect the unpaid balance.Sometimes the collateral is lost, destroyed or its value is less than the cost of repossession. State laws and regulations are different but I know of no rule that requires repossession prior to presuing the collection process. Garnishments are by court order to satisfy a judgment that has been granted by a court.Creditors are notified by summons of pending court action.Failing to appear results in a judgment for the plaintiff.
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