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A creditor can try to collect forever but it's usually not worth the cost of involving the courts.
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What are the laws in the state of Texas regarding car repossessions and wage garnishment for a repossession?
In Texas, a creditor can repossess a car if the loan agreement has been defaulted. However, they cannot breach the peace during the repossession process. Wage garnishment for repossession is not permitted in Texas unless the creditor sues the debtor, obtains a judgment, and then seeks a writ of garnishment.
Can a creditor sue against an inheritence?
Yes, a creditor can sue against an inheritance to recover debts owed by the deceased person. In some cases, the creditor may be able to access funds or assets received through inheritance to settle outstanding debts. However, the specific laws and procedures regarding creditors' rights in regards to inheritance can vary by jurisdiction.
Can a creditor sue you after 6 years?
The time limit for a creditor to sue you for a debt is usually defined by the statute of limitations, which varies by state and type of debt. In some cases, creditors may still attempt to collect the debt after the statute of limitations has passed, but you can raise the defense that the debt is time-barred in court. It's recommended to consult with a legal professional for advice on your specific situation.
What are repo laws for Georgia?
In Georgia, the repossession agent must notify law enforcement before repossessing a vehicle, and they are not allowed to breach the peace during the repossession process. Additionally, lenders must provide borrowers with a notice of intent to sell the repossessed vehicle and give them a chance to redeem it before selling.
Can i sue the bank for wrongful repossession?
Yes, you may have grounds to sue if the bank wrongfully repossessed your property. You should consult with a lawyer to review your case and determine if there are legal grounds for a lawsuit. Be prepared to provide evidence to support your claim.
How long does the creditor have to send the post repossession papers?
In most states 10 days but some are longer.
Does a creditor have to give written notice concerning repossession of your car?
NO
How long does it take the creditor to obtain a writ of plevin for a repossession?
The amount of time it takes a creditor to obtain a writ of plevin for a repossession varies in each state. Based on the local court jurisdiction, processing times to obtain a writ of plevin may take between 15 and 60 days.
How will you know what you still owe the creditor after a repossession?
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
How long after a charge off can a creditor sue?
Charging off the debt has not impact on the creditor's ability to sue. Charging off is simply a write-off for tax purposes. A creditor can sue any time prior to the expiration of the statute of limitation regarding of whether or not the debt has been charged off. The applicable time deadline will vary from state to state and depending on the type of debt.
How long does a creditor have for repossession of vehicle after bankruptcy discharge in OH?
Thats a good question to ask your B/K attorney for state specific advice.
Can repo company attach a lien on real property?
State laws vary but generally, a creditor can sue the debtor in court for any deficiency after the repossession and if successful can obtain a judgment. The creditor can then request a judgment lien from the court and once recorded in the land records the lien will attach to the debtor's real estate.
Can creditor sue you if you live in another state?
Yes
Can car company put lien on house if person is on SSI and can't pay car loan Voluntary repossession.?
Not directly, and not always. In order to put a lien on a house a creditor must have a "judgment" against the person who owns the house. In order to take a judgment, the creditor usually must repossess the car, sell it at a commercially reasonable sale, credit the proceeds (less costs of taking and sale) to the account, and demand the remainder as a "deficiency" balance. If the debtor doesn't pay the "deficiency", the creditor can sue in the civil courts. The debtor usually has 30 days to answer the deficiency claim, and there are MANY, MANY defenses to deficiencies. For example...that the creditor did not give the debtor the option of a public or private sale; that the creditor, after repossession, did not give the debtor a fair opportunity to redeem the vehicle; that the creditor violated the consumer's rights in taking the vehicle without a court order over active and unequivocal protest; that the creditor overcharged the debtor on interest, finance charges, insurance premiums, documentation fees, etc. The debtor may even have a counterclaim against the creditor for violating repossession laws, which in any event would equal the finance charge plus 10% of the cash price. This is where an experienced consumer defense attorney is essential. Bear in mind, however, that the creditor can forget about the repossession of the collateral and sue directly on the obligation, which would make the debtor have to defend at an earlier stage.
How will voluntary repossession of a vehicle affect a persons credit score?
Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
What are repo people allowed to do in California?
In California, repo people, also known as repossession agents, are allowed to repossess a vehicle as long as they do not breach the peace. This means they cannot use force or threats. They must also have a valid repossession order or authorization from the creditor to carry out the repossession.
What is a relief from automatic stay?
Relief allows the creditor to continue collection actions/foreclosure/repossession.
