juanmis6 Posted February 9, 2017 Report Share Posted February 9, 2017 Hi Everyone, I really need help. I am 27 years old and a self-employed and my income was $165K+ a year. The business went bad and I had to file bankruptcy for my LLC. I closed the company and lost all my saving, I had to get a car and purchased a car from Carmax after my bankruptcy.( It was not so logical,I realized this but had to have car)I never thought I wouldn't able to pay. I got my loan on May 2015 , The amount was everything included $43,000 , I paid since March 2015 which is 1 year 7 months of $830 a month payment($15,770) I am behind my payment last 4 months. Their system shows I still owe them $38,000 I started another LLC with a partner and started a business ,I can't make money now. I mostly invest everything I make. My wife makes 120K a year for this reason I can't file personal bankruptcy.( I don't want anything from my wife, This is my responsibility and I have to face with the circumstances) My car worth $24,000 and I owe $38,000 , . I won't be able to pay a amount like that of course. I don't have anything ,No saving , no house, just my new LLC company which is not generate enough. I am only able to pay my phone and groceries. My questions are , if they repo the car and the deficiency is $20K and they sue me for this amount, what happens if I don't have anything and no income? I can't pay more than couple hundred dollars to them. Do they come after my LLC company? I get only $600-$1000 a month from my company now. What they can do to me? I am really in this situation now , I can't believe it. I see these as a really bad life experience , I truly hope , I will go thru all these and I will never have this kind of issues in my life. I started to work age of 20 since 20 years old , I take care of my family. I know I made many mistakes but I was so young and made wrong decisions. I will have better years, I will go thru all these and I will be successful again. I truly trust myself and pray for this everyday. I really need urgent advise , what should I do? What they can do to me? If I get sued my car max than what happens? If I don't have income and can't pay the deficiency than what is next? I will truly appreciate all your advise. Thank you so much.! Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted February 9, 2017 Report Share Posted February 9, 2017 3 hours ago, juanmis6 said: My questions are , if they repo the car and the deficiency is $20K and they sue me for this amount, what happens if I don't have anything and no income? The creditor has a judgment that sits there earning post judgment interest until such time the judgment expires or you become collectable and they can garnish wages, levy bank accounts or seize property. 3 hours ago, juanmis6 said: Do they come after my LLC company? It is possible but very difficult for them. They would have to "pierce the corporate veil" and show that basically you ARE the LLC and therefore they should legally be entitled to the money. If the LLC is properly set up and licensed this should be nearly impossible. 3 hours ago, juanmis6 said: I really need urgent advise , what should I do? What they can do to me? If I get sued my car max than what happens? If I don't have income and can't pay the deficiency than what is next? Stop panicking to start with. I would speak to an attorney about surrendering the car. The sooner you stop the hemorrhaging of money the better off you will be. If you get sued you defend the suit. If you can't pay a judgment then there is little they can do if you have no income to garnish, assets to seize or bank accounts to levy. Quote Link to comment Share on other sites More sharing options...
juanmis6 Posted February 9, 2017 Author Report Share Posted February 9, 2017 I truly appreciated for your help Clydesmom , Thank you so much. I will contact the lawyer now. Thank you for your time again,God bless you 1 Quote Link to comment Share on other sites More sharing options...
fisthardcheese Posted February 12, 2017 Report Share Posted February 12, 2017 What state are you in? If they get a judgemet against you for the car note, your wife may be paying anyway depending on your state laws. Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted February 12, 2017 Report Share Posted February 12, 2017 4 hours ago, fisthardcheese said: What state are you in? If they get a judgemet against you for the car note, your wife may be paying anyway depending on your state laws. He is in Florida so it won't be an issue for the wife. Quote Link to comment Share on other sites More sharing options...
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