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After car got repossesed

my car got repossesed by the bank and i guess have been auctioned at a lower price than what is actually owed.  Now the lending institute is sending me the rest of the bill.  I've been ignoring it and now has been sent to the collection agency.  Lately i receive a letter telling me that i have been summoned to the court because of it.  i'm 60 years old and don't really care much about my credit score.  what can i do to stop this and can i really go to prison for just ignoring this?


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I am Adam Alter !

You can't be put in jail for having a car repod.  However, if you're being taken to court, you had better show up or you could end up in much more trouble than hosed credit, collection harassment, and ashamed of yourself.

When you sign a contract to agree to payment terms on a car they're holding up their side of it by letting you use the car while you pay for it, you're not upholding your side of it by not making your payments.
Posted 2009-07-07T16:59:42Z
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Struggling with your mortgage? When you have questions, and need straight honest information... ASK ASK ASK! www.loanmodificationsrus.com

You can not go to jail for this.  However, you can get a judgement against you, and possibly have your income garnished or your bank account frozen.  This information is all state specific. 
Posted 2009-07-08T17:17:44Z
Chris Snow was invited by Yedda to answer this question.

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As everyone has said below you can't go to prison for the debt. However, ignoring the summons to appear in court can possibly cause you to go to get jail time. Everything is state specific however 9 times out of 10 if you don't show-up for court the judge will find in favor of the plantiff (the bank) and place a judgement agaist you. Depending on the state the lawyers for the bank can garnish your wages or place a lien against your personal property and based on the dollar amount could force you a sell of your personal property to collect the amount due. There is a website that has others opinions at http://www.thecreditclinic.com You can check it out and see some of the articles there about credit. Good Luck with your situation.
Posted 2009-07-13T12:46:09Z
Tax Man was invited by Yedda to answer this question.

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No there is no such thing a debt prision. Really all that will happen is they will issue a judgement against you and go after your pay and if you get only ssi/disability they cant garnish it (but make sure in your state). More info at http://www.nextstepcars.com
Posted 2009-07-24T22:24:43Z
Iwayloan was invited by Yedda to answer this question.

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In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.

Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.

If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
Posted 2009-08-04T10:53:53Z
Thomson Joseph was invited by Yedda to answer this question.

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