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my sister is filing for bankruptsy, and from what we have read about it, you sell your assets to cover your debts..but what if you have no assets? she and her husband have one car that they bought at an auto auction, and the house they live in is owned by my uncle. they don’t own the furniture or any of it, no land or anything. they have no savings and her checking account is 146.16 over drawn right now. what happens if you have no assets to sell?

Joining government car auctions is probably the easiest and most convenient way so that you can finally have your dream vehicle. For people who are really tight on a budget, this is perhaps the best way so that you can purchase your own automobile that can take you wherever you want to go. Considering that we cannot just waste our money on some luxury items, it is a good thing that there is a more practical way so that you can have your own vehicle that is still in excellent condition.

There are several government car auctions that are being held in almost every county all over the United States. Several agencies supervise them and they make it to a point that they conduct them every week or month, depending on the demand. So if you are the type of person who is not particular with labels, just take this opportunity and never miss it.

These government car auctions features those automobiles that have been seized by the State due to some financial or legal obligations. Most of the items are confiscated from their previous owners because they serve as collateral for loans and mortgages. They are seized by the financial institutions such as banks and lending agencies because the debtor has failed to settle his accounts or because it has recurring and unmanageable debts.

There are also instances when the items being sold in these government car auctions are those that have been impounded by the police because their previous owners have used it in the accomplishment of some crime or they have been stolen. In several cases, they are also surrendered in accordance with a certain legal obligation.

No matter where they can from, the State now owns them but they are considered to be liabilities if they will just store them in warehouses. Storage costs are very expensive and vehicles tend to depreciate if stored for a long time. As a solution, the State just opted to sell them as quickly as possible by significantly reducing the price.

As a result, the vehicles being sold in these government car auctions are very cheap. In fact, there are those that are being sold 50 to 910 percent lower than the original price. And if you are lucky, you may stumble on a luxury automobile that is priced as if it is just an ordinary unit.

However, this does not entirely mean that these government car auctions feature excellent automobiles. There is still a need for you to inspect them to make sure that they are still in excellent condition.

So if you are looking for the best way to have your own automobile without totally splurging on your savings, start looking for government car auctions.

My car was repossessed January 3, 2009.

I received a letter from Wachovia stating their intent to sell my vehicle. I currently owe ,000 to them. I was considering letting the car go to auction but I know that even if I let the car go I will still owe whatever they don’t get at auction. My question for you is if I let my car go to auction, is there a way that I would be able to negotiate what is remaining? Also, what happens if I don’t pay what is remaining? The car is worth approximately ,000, by KBB standards. I am 2 1/2 months late on the payments but I’ve been late before on previous payments. The interest rate on the car is 15% and they have repeatedly denied refinance requests even after explaining extreme financial hardship to them (I’m a full time student and have been all year thus the debacle).

My credit isn’t great but I don’t have other debts. A few late payments throughout the years but the most damage that has been done has been done by the car & missing payments.

I’m at my wit’s end here, trying to figure out what to do. I may be able to get a used car from a friend and that is a blessing but I’m not sure what to do. Do you have any recommendations or suggestions on what would be best for the situation?

I really appreciate your help

My 23 year old son had his car repossessed back in December 2006. He was told by Toyota financial, that he had to pay the balance on the loan, plus towing, plus impound fees. It came to over ,000. Obviously, he did not have this kind of money so the car went to auction.

He now owes about 00.00. They have offered him a payoff of 00.00, which again, he can’t afford. Other options are a large monthly payment, wage garnishment or go to court. The monthly payment is more then half his paycheck, they told him garnishment would be as much. He’s worried because he still has to live, eat, rent, and drive to work. He won’t have enough money to live on.

My question is, would he do better going to court? Toyota says no, they will tack on court costs and interest etc. and he’ll owe more. But will the judge see it that way? Will the judge actually allow them to take so much money he can’t pay his bills? Also, we found out it was against the law for Toyota to tell him he had to pay the loan in full. By law he had the right to bring his payments current, plus impound and towing fees. We could have managed that, but they told him no dice.

My son is not trying to get out of paying his loan, he’s just trying to get payments that will allow him to eat and pay rent. Does anyone know if going to court is better or worse for him?
Citrus61 – I can’t tell you how wrong you are. I have always paid my debts and have a stellar credit rating. I always told my kids to pay their bills first, take care of business. I advised my son that this "sporty" car was over his head. But he had a new sales job and believed he would be making big bucks. NOT!

He quit that job, but by then he was in the hole. He’s a good kid but not good with money. He’s learned a lot, which is the bright side.

I guess you don’t have any kids. You’d be surprised at how they don’t listen to their parents and some kids have to learn the hard way.

I’m sure your parents raised you to be a nicer person..I’d rather my son have financial problems then you personality disorder.
My son talked to a bankruptcy lawyer. He said that Toyota demanding the full amount up front is against the law. He told us to report them to consumer affairs.

The reason he got behind was his own fault. He never made the money he thought he would, but I told him…you shouldn’t spend something until you actually have it.

I do not want this to be easy on him. He does need to suffer the consequences. This is a tough lesson but hopefully one he remembers for a lifetime.
We live in Maryland.

Bankruptcy is really not something he wants to do. As I stated, he is not trying to get out of his debt. He is contrite and wants to take his responsibility of paying his loan. He just doesn’t want Toyota to leave him with too little money to live on.

I’m going over my credit report, and feel pretty overwhelmed. I lost my car (rather it was repossessed) after losing my job and getting on unemployment, which is so much less that I can barely afford food every month, so forget about a car payment. And, quite frankly, I just want to know what happens if I don’t pay off these debts? I don’t have a lot of debts, but for a 21 year old college student, I’m pretty much in front of the financial firing squad as we speak. 5K on the car, 2K student loans (which don’t need to be paid back until I graduate), 1.5K on a Capital One card. Those are my concerns.
So question: what if I just never pay? Is it possible to rebuild my credit without paying them back? Doesn’t it reset every 7 years or something?
Thank you.