If someone has a civil judgment against you, it is possible that your assets may be ats risk. However, the laws of most states also protect a portion of your assets. The types an amounts of property that you can protect from a judgment creditor will vary be state. However, it is usually not very cost effective for a judgment creditor to go after the debtor's car. Having a civil judgment on your credit history will make it more difficult for you to get a car loan. It will be difficult, but not impossible.
The bank doesn't own the car. Unless you used it as an asset, or collateral for a loan from them, they should have no hold on that.
I'm fairly certain that there is no SOL on contractural civil debt.
If it's the owner of your car loan and you defaulted then the car can be repossessed. If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.
Yes, you still own the debt.
Your debt is then written off as the car covers the cost of the debt.
No. Outstanding debt is a civil matter, not criminal. You can not be arrested for a civil matter.
The act of co-signing involves a promise to pay another person's debt. You can't be your own co-signer.
That will depend on what you are talking about. Each jurisdiction sets their own time frames and they vary from civil, criminal and debt.
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
Yes. A car can be taken for a credit card debt if the creditor sues you in court, is successful and obtains a judgment lien. The creditor can use that judgment lien to take any property you own including your home and your car and your bank account.
Yes, if you took a loan out and used your car as collaterol, then it can be taken away. If you own the title free and clear, then it cannot be taken from you. Only if you owe money on it or the previous owner owes money on it. If the previous owner has an outstanding debt on the car and sells it to you without you knowing about the debt then the car can still be repo'd.
After the Civil War, the farmers debt increased. The reason for this is because the crop prices went way too low.
No. The term "charge off" simply indicates that the creditor has decided to pursue other methods of collecting the debt owed. That could mean the debt will be sold to another party, the creditor could file a civil suit to collect the debt or other actions. Debts that are "charged off" remain valid and subject to collection unless they have been rendered invalid by the statute of limitations as determined under the laws of the debtor's state.
It is illegal to sell a car with a lien on it. If it has a lien you will not be able to register the car in your name. The loan must be paid off and the lien released before you can actually own the car. You may have just got scammed.
Pay off your debt.Pay off your debt.Pay off your debt.Pay off your debt.
if i need a car and i am in bankruptucy how can i get a letter of incurred debt
An online debt consolidation for car debt can be found at official bank websites such as Wells Fargo, BB&T, and U.S. Bank. More information can be found once you go there.
you will have to pay a debt and GET CAR INSURANCE
No, but you must first secure the permission of the agency that holds the official title for that vehicle. They are the ones that "own" it ... you do not own the car until your debt has been settled with the lending agency, therefore, it is not "yours" to sell. What usually happens is that the prospective buyer will have to secure their own financing in order to purchase the car from the title holder. If paying cash, they will pay the lending institution, not you.
No, if it is your debt only and your name is not on the car. Unless you used the car for collateral for a loan, they can't put a "lien" on it anyway.
No. Non payment of debt is a civil matter not a criminal one.
I own my own car.