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Vehicle Reposession
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Posted by Mike (64.12.103.161) on July 06, 2002 at 18:36:45:
In 1996 my wife and I filed chapter 7. Foolishly, we didn't include the car. In 2000, we traded the car in. We ended up with a car that we can not afford. We have no credit card debt, but we do have a lot of medical bills. Our payoff is $16,629.19...Kelly Blue Book value is $9,980. We don't know anything about car repos. If it's reposessed and sold at auction, are we responsible for the difference of the amount owed and what the car went for? We really don't know what to do.
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