Usually the SOL is 7-10 yrs. depending on your state. Its loooonger than you want to put up with the calls and letters. Steph, its better to make some sort of plan to pay it off. Those judgments get bought and sold over and over. Good Luck
I am wondering about a similar question. I filed bankruptcy a while ago & listed my car up for voluntary repossession. No one has yet to pick up the vehicle. (I think because it isn't worth maybe $1000). My bankruptcy was discharged 6 months ago. I am planning on contacting my lender because there is work that is needed to be done to the car & I don't want to shell out the money for them to repo it tomorrow. So I am planning on offering them a around $400 for it. I owe $9,000, though. They can't come after me for the balance can they? It is included in my bankruptcy right? If they don't accept my offer to buy it, can I force them to pick it up?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
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