Field, I'm a lawyer in Auburn, California, and I want to talk to you for a minute about car repossessions, voluntary surrenders of cars when you can't make the payments, deficiency judgments, and how bankruptcy may or may not be able to help you with deficiency judgments. Now, here's a typical scenario of what happens with a car loan that most people who never have a problem with a car loan never know about. But if you should ever have a job loss or an illness, this is critically important for you to know. Here's a typical scenario: a guy walks into the car dealership. He's looking for a car, maybe it's a young couple. I've seen this many times ruin the lives of young couples. The car salesman talks them into buying a car a little bit nicer than what they had originally thought they could afford. So, they buy a twenty-five thousand dollar car, they put a few thousand dollars down on the car, and then they start making payments on it. They make payments for a few months and by now, maybe they've paid it down with the down payment and the payments they've made. They've paid the initial purchase price of the car down $5,000, so they still owe $20,000 on the car. Then, they have a serious illness, an accident, or a job layoff and they discover to their great distress that they can no longer make the payments on the car. So, at that point, either the lender on the car shows up and repossesses the car or they call the dealership and they say, "Look, we're really sorry, we can't make the payments. We will voluntarily give the car back to you, voluntarily surrender the car back to the dealer or the lender." And they...
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Repossession attorney oklahoma Form: What You Should Know
If you are behind on the balance on your loans, this type of debt is called a secured obligation. Under Oklahoma Bankruptcy Code, a secured obligation can be either on the title or on the note that the loan was on. A secured obligation can be repossessed by filing a court order, by filing an adversary proceeding, by getting judgment, or by going to a “judgment debtor” court Oklahoma Vehicle Repossession & Bankruptcy | The Guiding Law Firm, P.C.
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