Vehicle Repossession Law ?

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Q. Vehicle Repossession Law Is their any such thing as a voluntary vs. involuntary vehicle repossession? Or Vehicle Repossession Law? Have you found lenders to be willing to accept some type of repayment offer to recover the balance of a loan after a vehicle has been returned/repossessed? As opposed to nothing in a BK? Does the remaining balance become unsecured after the security (vehicle) is returned? I was considering using a local consumer attorney to negotiate with my CC companies to reduce or eliminate the balances, he challenges their assessment of fees; amounts and timing, I think. He has been registered with the bar for over 25 years, in this line of work, with no complaints, so he seems at least reputable. The prospect of a significantly reduced settlement offer, which is predicated upon the CC companies clearing up my credit report, and avoiding a BK seems like a good idea. But if the vehicle lender will not accept a reasonable :) offer, under favorable terms, a BK would be all that is left. Any professional thoughts or comments? Have you found lenders to be willing to accept some type of repayment offer to recover the balance of a loan after a vehicle has been returned/repossessed? As opposed to nothing in a BK? Does the remaining balance become unsecured after the security (vehicle) is returned? I was considering using a local consumer attorney to negotiate with my CC companies to reduce or eliminate the balances, he challenges their assessment of fees; amounts and timing, I think. He has been registered with the bar for over 25 years, in this line of work, with no complaints, so he seems at least reputable. The prospect of a significantly reduced settlement offer, which is predicated upon the CC companies clearing up my credit report, and avoiding a BK seems like a good idea. But if the vehicle lender will not accept a reasonable :) offer, under favorable terms, a BK would be all that is left. Any professional thoughts or comments?

A. - I don't know about the car repo part or whether they can come after you for the unpaid balance in Texas. But, I think that Texas is one of 3 states that does not allow a creditor to garnish your wages to collect a debt (except for some specific debts like child support, etc). In an earlier post, you wrote that you knew of a consumer law attorney that negotiates debts, etc. He/she would certainly know the answers to the above questions. Since the attorney specializes in consumer law and has 25 years experience, I think I would start by using him/her to try to resolve my debts. If that didn't work or became too expensive, then I'd talk with a bankruptcy attorney. - The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation.

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