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  1. #1
    Join Date
    Jan 2012
    Posts
    1

    Default Recreational Vehicle Repossession and Deficiency

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

    Our RV was repossessed almost 2 years ago, and there is a deficiency balance of over $90,000. My husband hurt his back on the job so we pretty ruined our perfect credit and paid many, many bills late. The RV was voluntarily repossessed, and they sold it on online auction for $99,000 (which was really good because they were generally going for about $60,000). We received a couple of letters and calls in the next few months but then they just- stopped. Have not heard anything for 1.5 years now.

    We were thinking of declaring bankruptcy with our budget in such a state of chaos, but would probably only need to if we had to deal with that huge debt of the RV deficiency. We are slowly getting back on our feet. But since we have received no contact or anything after such a long time, I am wondering if we can make it without declaring bankruptcy. The problem is if we do declare bankruptcy they would probably take his work truck and then we could not do our job- so we really do not want to go that route if we can survive this.

    My question is basically this in a nutshell: How long does my creditor have to try to legally collect the deficiency on our RV?

    Thank you to anyone who takes the time to help with my question, it is much appreciated.

    P.S. I am a forum owner myself and this one is set up very nicely. Great work to those who put so much effort into it, I know how much time it takes.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Recreational Vehicle Repossession and Deficiency

    The statute of limitations for enforcing a contract is generally six years.

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