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"vehicle cannot be found anywhere? " NO candy for you...If you were the bank, would you believe that line?? Rem ,Cars DONT fall off the face of the earth. Spmeone's bbaby's mothers aunties boyfrined is driving your car. IF it was stolen, YOU would have reported it to the cops.Good Luck http://www.capitol.state.tx.us/statutes/cvtoc.html CHAPTER 31. JUDGMENTS SECTION 31.001. PASSAGE OF TITLE SECTION 31.002. COLLECTION OF JUDGMENT THROUGH COURT PROCEEDING SECTION 31.0025. AUTHORITY OF COURT TO ORDER TURNOVER OF WAGES SECTION 31.003. JUDGMENT AGAINST PARTNERSHIP SECTION 31.004. EFFECT OF ADJUDICATION IN LOWER TRIAL COURT SECTION 31.005. EFFECT OF ADJUDICATION IN SMALL CLAIMS OR JUSTICE OF THE PEACE COURT SECTION 31.006. REVIVAL OF JUDGMENT SECTION 31.007. PARTIES RESPONSIBLE FOR ACCOUNTING OF OWN COSTS SECTION 31.008. PAYMENT OF UNCLAIMED JUDGMENT SECTION 31.010. TURNOVER BY FINANCIAL INSTITUTION

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โˆ™ 2004-11-24 18:45:09
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Q: What legal action can a creditor take if you have defaulted on your loan and the vehicle cannot be found anywhere?
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Related questions

Can a creditor place a lien on a financed vehicle?

In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.


Can you be sued if you pay something on a defaulted credit card?

Yes. If the account is not paid as agreed in the original contract the creditor can sue the debtor, but they ususally try to avoid legal action.


Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?

Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.


What does it mean when a creditor files a motion to release?

The creditor is asking to be excluded from the bankruptcy. If that is granted the debt will be valid and the creditor can resume collection action.


Can a judgment creditor clear the lien on a car title when more than one owner is on the title?

Not sure what is intended by "clear" but whether or not the vehicle can be seized depends upon a couple of issues. The most important one being how the vehicle is titled. If the names on the title are separated by the word "or" then each person has total ownership of the vehicle and may take whatever action they choose without the other owner being a part of it. That would mean the vehicle could be subject to seizure by a judgment creditor. If the names are separted by the word "and" the vehicle is owned jointly and no action including creditor judgment can be taken without the consent of the other owner. The other issue is whether or not the vehicle is protected by the exemption laws in the state where it is registered.


Can a creditor with a judgment levy a Montana bank account?

Yes, in most cases such such action is possible by a judgment creditor.


Can a creditor garnish wages if you send them a small amount of money?

Yes, if the creditor chooses to sue the borrower and receives a judgment award the borrower's wages can be garnished. Please be advised, once a lending contract has been defaulted the lender can take whatever action they choose, the fact that they may accept a lower payment then originally agreed on does not mean they cannot pursue a lawsuit.


Can a creditor force you to sell your car?

If the creditor wins a lawsuit judgment against the debtor he may be able to execute it against a vehicle belonging to the debtor defendant. States establish vehicle exemption which are to be used to prevent a forced sale by a judgment creditor. Judgment creditors however rarely take such action, as the seizure and sale of a vehicle is complicated and seldom worth the effort needed. Creditors prefer to execute a judgment as wage garnishment, bank account levy or a lien against real property as means to recover debts owed.


What amount of time must a dealer give you before they repossess your vehicle because you heard it was 90 days?

There is no set time when a lender may instigate repossession action. If the contract is defaulted on for even a day, in most states the lender can seize the vehicle, although it is not usually in their best interest to do so.


Can your wages be garnished if you are paying less than the minimum required amount monthly on medical bills?

It is possible. When a contract is defaulted the lender/creditor may use whatever method is available under the laws of the debtor's state to recover monies owed. Consumer's sometimes believe that if they pay any amount oon the debt and the creditor accepts the payment, other action cannot be taken, this simply is not true. It might be prudent for the debtor to contact the creditor and try to negotiate more affordable repayment terms.


Why hasn't the creditor picked up the secured vehicle if you filed chapter 7 bankruptcy and if they don't is it yours to keep?

More than likely the lender has not requested as yet had the BK stay lifted. If a secured creditor does not receive permission to be excluded from the BK they must wait until the discharge is final before proceeding with repossession action. No, the borrower does not get to "keep" the vehicle unless they are able to reaffirm the loan with the lender.


Can a creditor place a federal tax lien on your property?

No, only the IRS can take that action.

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