Asked 6/30/2009
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Car Repo in PA I was served with papers today that I was being sued for the remaining balance of a car I surrendered three years ago. What legal action can they take against me in the state of PA? |
Answer 1/2 - Submitted 1/21/2010
If you don't make some kinda payment agreement with them at the end of the year they will file a 1099 with the IRS for the full balnace of the loan.and then you willl have to deal with the IRS .and your taxes will be mesed up for years to come and you will end up pay it to the IRS so be smart and take care of this ASAP
Answer 2/2 - Submitted 7/21/2011
You will not owe any money for the time after you allowed the car to be taken, however, you will still owe for whatever monies you defaulted on that caused the car to be repossessed in the first place.
As such, they can take you to court and get an order to garnish your wages. Garnishments can be up to 60% of your wages unless you are a head of household, which you have to file as after the court order is set. This will reduce the amount they garnish considerably.
You can also work out a payment schedule with them to pay back any money owed; this may be preferable to going to court and having your wages garnished for a larger amount than you can handle.
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