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Can a vehicle be repossessed if the loan is not in default but other unsecured debts are.?
Wiki User
∙ 12y ago
Maybe.
Even though the vehicle is a secured debt and the loan is not, if more than one of the financial transactions is by the same institution it is possible a set off clause was included in the contract terms allowing the lender to take the vehicle if the personal loan is defaulted.
Unsecured only means there is no specific property being held as collateral for the debt, it does not mean assets or property of the debtor's cannot be seized and sold for repayment by means of a lawsuit judgment.
A garnishment is only possible if the lender wins a lawsuit and executes the judgment as a wage garnishment.
Wiki User
∙ 12y ago
Yes, a vehicle could potentially be repossessed if the lender has a right to do so based on the terms of the loan agreement. It is important to carefully review the terms of the loan agreement to understand the lender's rights in this situation. It may be beneficial to communicate with the lender to discuss any concerns and potential options to avoid repossession.
Wiki User
∙ 14y agoQuestion is not clear -however- - a creditor on some other debt cannot legally seuze your car in paymnet of HIS loan. The reason being - you do not actually own the car. It is owned by the creditor who holds the car loan. If this is what happened to you - notify the police and your car creditor immediately!
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Is the cosigner of a vehicle liable if the it gets repossessed?
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
Can unsecured creditors sue in Pennsylvania?
Yes, unsecured creditors can sue debtors in Pennsylvania to recover debts owed to them. The creditor can file a lawsuit in the appropriate court to seek a judgment against the debtor. If successful, the court may order wage garnishment, bank account levies, or other mechanisms to collect the debt.
Can creditors take wifes car for husbands debts?
It depends on the ownership of the car. If the car is in the wife's name only, typically it cannot be taken for the husband's debts. However, if both spouses own the vehicle jointly, it may be at risk if creditors seek to collect on the husband's debts.
Are step children responsible for debts of their deceased parent in Florida if they are named in the will?
Step children are generally not responsible for the debts of their deceased parent in Florida unless they have co-signed or guaranteed the debts. Being named in the will does not automatically make them responsible for the debts. It is important to consult with a probate attorney for specific advice on this matter.
What happens in SA if a person does not pay there debts can they be jailed for it?
In South Africa, a person cannot be jailed solely for failing to repay debts. However, creditors can take legal action to recover the debts through civil court processes, which may result in asset seizure, wage garnishment, or a garnishee order against the debtor's bank account. Non-payment of debts is a civil matter, not a criminal offense.
Is there a statute of limitations on repossessed debts owed or are they indefinite after the court has found you in default?
Yes the SOL varies by state.
Can you still owe money after your car is repossessed and you are bankrupt?
You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
What is the difference between unsecured priority and unsecured non-priority?
Examples of unsecured priority debts are, child and/or spousal support, delinquent taxes, rent and utility arrears, any fines or restitution(s) that have been ordered by the court. Unsecured non-priority are, store cards, unsecured personal loans (unless held by a bank where the person has accounts), credit cards, and so forth.
In a bankruptcy the priority debts -- the debts that the court feels should be paid first -- are paid then the unsecured debts are added up.?
true
Are utility bills unsecured debts?
== == Yes, utility bills are classed as unsecured debts but if you are struggling with debts then it is important that you class these as a priority debt. If you find that you are in arrears with your suppliers then it is important that you seek debt help and advice as soon as possible. If you do not pay your bills, your supply can be cut off, in this way they are more important to pay that other form of unsecured debts, such as credit cards or store cards.
What is the difference between unsecured priority and unsecured non priority?
priority debts must be pais IN FULL, non-priority does not.
Can you have your auto repossessed from your son?
A family relationship does not change contract law. If your contract allows for repossession when the buyer is in default, and your buyer is in default, then yes. If you do not have a contract then I would suggest you contact a local attorney who can guide you according to local law for non-contract debts.
True or false In a bankruptcy the priority debt the debts that the court feels should be paid first are paid then the unsecured debts are added up?
true
What are the risks involved with having unsecured debts?
Unsecured debts are like making promises to each other about paying the debt, bu there is no written guarantee that it will be paid on the due date or the deadline. It is all about trusting the person who got the debt that they will pay their debt afterwards.
In the state of Ohio can a husband be held financially responsible for the wife's repossessed vehicle if his name is not on the loan?
No, Ohio is not a community property state, therefore debts solely incurred by one spouse are not the responsibility of the other.
What happens to unsecured debts when a chapter 13 bankruptcy is dismissed?
The debts are still valid and creditors can continue with collection procedures including, in most cases, a lawsuit.
Can you let a car be repossessed with scratches on it?
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
