Response to Estoppel

It also occurs to me that the most common result of people believing that they are not going to be pursued for a shortfall is that they didn't think of declaring themselves bankrupt. If most people knew soon after the repossession what they know now, ie that they would be getting hammered for huge sums they don't have in the year 2000, then I would bet that most of them would have considered declaring personal bankruptcy at the time of or shortly after the repo. Had they done so, after three years they would have been free and clear of any alleged debt, and could have started over again. This course of action was effectively denied to them because the lender was not clear about its intentions. Perhaps deliberately unclear? Again, I think it is wrong that lenders should profit from a policy of lack of transparency.

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