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Can a creditor attach a lien to a vehicle?
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Posted by J. Alan
(68.48.188.242) on September 10, 2003 at 09:04:59:
First: The story (I'll try to shorten it)
Wife walked out/subsequent divorce.(2 years ago)
This year - loss of job.
Sold house - used proceeds to "charge off" 3 major credit cards.
Left with auto loan. Can't keep up payments. Thinking of surrendering it. I know they'll sell it at auction (they'll never get what I owe), and I'll get billed for the difference. Which, I won't pay. I figure it will prabably be about $10,000 they wind up sticking me for.
My fear is: they'll eventually get a judgement against me for it. I currently co-own(with my girlfriend)a 2 year Harley-Davidson. We have clear title, no liens. Can they attach it somehow, and if so - can they force it to be sold to pay the debt I owe them?
I can see myself declaring bankruptcy at some point - will a bankruptcy court force me to surrender the bike if it's coowned by someone else? Can they do that?
Let me say that I, like many of you, am not someone trying to "screw" my creditors. I'd be happy to continue paying on my loan, if only I could. I just don't want to lose a very prized and sentimental possession because I was afflicted with a couple of years of bad luck. At some point, I hope to turn this whole mess around. But, my loan company, unfortunately, cannot wait. Any advice you can give would be greatly appreciated.
Thanks.
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