Finance company is suing me

When you buy a vehicle any vehicle the lender is not responsible for repairs ...your car could be your only way to drive to your job but if you don't make the payment they are still going to hook it , in fact if they took it before it was fixed the result would be worse the truck would have gone to auction for less with a bigger bill back to the op.

 

Well not saying the OP didn't do this but I can't stress enough to do your due diligence when you purchase a truck. Too many people have been screwed because they treated the purchase like they were buying a car and not a business asset.

Take it from a person who has bought a lot of vehicles, you are lucky if you get one that doesn't give you problems without out checking it out right.

 

S-Corp does not protect you from debts. Only thing it does is offer a little protection from somebody suing you, but it’s very little.

In a lawsuit, any lawyer worth his salt will also sue you personally, and being a small outfit, it’s hard to deny you weren’t personally involved.

 

Out of state or in state doesn't matter. In Texas they can only garnish your wages for taxes and child support. Bank accounts can be levied, but not bank balances that are deposits of wages. That's pretty fuzzy but they usually err on the side of the debtor.

A creditor can't freeze your bank account. They can sue the bank claiming that the balance in your account belongs to them, and if successful the bank will hand it over. They have to find your bank account first. Never answer any questions to a debt collector, especially about your job or bank accounts.

Wage deposits are safe in Texas.

Seven years. That only applies to credit reports though. You will still owe the judgement and they can still try to collect.

If the amount is very large and the creditor thinks it's worth it they could file a bankruptcy petition in your name and you'd have to disclose all your assets to the court. That's not going to happen over a few thousand dollars though.

 

Look into "loss of use" as a countersuit. Hopefully you saved all representations that were made about that truck, emails, texts, anything that stated fitness for purpose. If you go to an attorney, bring all that along.

 

There’s nothing ethical about any of the 2009 trucks or anyone that designed , manufactured or sold them....

Declare bankruptcy...,,,

 

Whats the name of the finance company?
I ask because im in a similar situation.

 

Call the lender and explain that your debt is uncollectable because you don't have any assets of value. Tell them you will pay them on a schedule if they reduce the claimed amount owed on paper. That way you won't pay the IRS the unpaid debt amount. (The IRS considers unpaid debt a source of income.) I did this successfully a number of years back. Be polite but firm. Act as if you really don't care if they take the deal or not because they won't be able to collect on any judgement rendered.

As far as lenders and their rights go.....f the weasels. They are a major reason this country is in the financial mess it's in.

 

Refinance your home and take that and pay the #### off come on or just call.them and make a monthly payment agreement they are more than likely going to work with u if u call and say here's 500 a month then taking your butt to court