voluntary repossession

greenspun.com : LUSENET : Repossession : One Thread

I am considering voluntarily surrendering my truck. I cannot afford the payments anymore. I have tried to sell my truck but haven't had any luck. The credit union where it is financed said they would lower the pmts from $475 to $409. This doesnt help my financial situation any. I was put on disability in June and my income has been reduced by 40%. I have also tried trading in my truck but dealers don't want to give you anywhere near what it is worth. I live in New Mexico and filed Chapter 7 Bk in April. I am not late on my pmts nor have I been at any time. If I voluntarily surrender my truck, can they take any legal action against me for a deficiency balance? Isn't there something I can sign that would release my from having to pay after the sale of the truck?

-- Dawn Shults (dawnrshults@earthlink.net), October 30, 2002

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