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My husband and I got into a really tight situation financially do to an illness and massive Doctor bills piling up in addition to the loss of my income. It became an everyday stress trying to juggle bills and 2 car payments, we began to get behind on all of our bills paying one car payment one month and the other the next month.
One finance company was very cooperative, offering deferrals on payments and smaller payments to help get caught up on the loan, while the other was not cooperative at all ( the repo).
Long story short, we recently decided to file bankruptcy.
We are trying to save money for lawyer fees for the bankruptcy which are 00 as they will not proceed with the bankruptcy until all fees are paid in full.
The car was repossessed in the night last night.
what kind of time line do we have before the finance company starts to garnish my husbands paycheck. We are already struggling to survive and can not afford to have his pay garnished.

3 Comments »

1. 

   i am an assistant manager of the sales department at an auto dealership. the time line just depends on the state that you live in and the dealership you bought at. some places move faster than others. i would say any where from 4-12 weeks. he wouldnt just get a paycheck and see money missing though, he would be, or at least should be, i recommend requesting to be notified, if any court ordered wage garnishments are sent to his employer. usually the hr dept is the one that handles wage garnishments. bankruptcy is not a good idea, but thats not the question you asked. a little fyi though a bankruptcy stays on your credit for up to ten years and can drop your credit score as much as 150 points. i hope i was of some assistance to you. good luck with your situation

   Comment by sumthinlikea — September 11, 2010 @ 1:50 pm

2. 

   Garnishments can take from a few weeks up to several years to go into effect depending on how much effort the credit company puts into the case.

   Comment by Ferddaword — September 11, 2010 @ 1:50 pm

3. 

   I went through a similar situation with a divorce. i had a car repo’ed, but they never garnished my checks. The bank usually gives you a few notices that you can get your car back if you catch up with the payments, then if you don’t, they auction your car off. Once they do that you will still be responsible for the difference between what they got at auction, and what you still owe on it. So you still have some time. Also I got lucky and my lawyer differred his fees until after the bankruptcy went through.

   Comment by mule0331 — September 11, 2010 @ 1:50 pm

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