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I signed a note for my son to get a truck and now the engine is broken down and will cost over $10,000 to be repaired and the truck still has a $13,000 balance on the note. Neither one of can afford to pay the repair and can,t keep making the payments. If I voluntary let it go to repo and the truck is auctioned the balance that is due I still won’t be able to afford. I am sure they will sue but what can I do? Do I have to file for bankruptcy? I am already in too much debt and will not be able to make the payments on the difference.
Asked on May 31, 2009 under Bankruptcy Law, Texas
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I can't tell you that bankruptcy is the right choice, without knowing all the facts, but it certainly sounds like something you should talk to an experienced lawyer about. One place you can look for a qualified attorney is our website, http://attorneypages.com
Your son might want to talk to an attorney as well, and it will probably have to be a different lawyer than yours. Your bankruptcy might well cause the truck loan to be called in, and trigger the repossession if you don't wait for that to happen first.
You should talk to your lawyer now, and he or she can advise you on the timing, if bankruptcy is appropriate. When you file the bankruptcy, that will automatically stop any lawsuits or repossessions against you, at least temporarily.
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