[trh70]

My question involves an auto loan or repossession in the State of: Florida

Hello,

In February of this year, my car was repossessed. Now two months later I receive a letter from AmeriCredit saying I owe $10,400 in Deficiency. According to my credit report, it has been listed as a charge off. I do not own a home, nor do I have anything else under a loan. I work as a bartender, so what i make on paper is very little. If they decide to sue me, there is really not much they can go after. What are my options? Are these companies insured in case this happens?

I would rather not declare BK.
If I refuse to pay, what would they do'? Take me to court and sue for the money. What are the chances of this happening?
If I choose to pay the bill, I would want all negative info off my credit rating.

I need some advice here.

Thank You.

trh70

[LawResearcherMissy]

If I refuse to pay, what would they do'? Take me to court and sue for the money. What are the chances of this happening?

For a $10K debt? The chances are very, very good that they will sue. And once they obtain a judgment, they can pursue garnishment of your wages and bank account.

If I choose to pay the bill, I would want all negative info off my credit rating.

Unless you're able to negotiate otherwise with your creditor, you're stuck with that for 7 years, or 10 if they win a judgment.

[Betty3]

And once they obtain a judgment, they can pursue garnishment of your wages and bank account.

I might mention that *if* you are head of household, 100% of your wages are exempt from garnishment in Fl.