In Kansas City, Missouri, a man crashed into the side of his girlfriend’s house Saturday night. As it turns out, he was running from the repo man. The repo man started to take possession of the car but the owner jumped into the car and started driving frantically, ending in the crash. No one was injured in the crash but the driver was arrested.

Wow. This story really exemplifies how desperate a man can be when he is facing mounting debt. There is no doubt that having your car be repossessed is unpleasant, but this situation has been made much worse.

Under current law, once your car payment is considered delinquent (usually 60 days), it can be repossessed. Once your car is sold at auction, you can’t get it back. Plus, if the car is sold for less than you owe, they can garnish your wages to collect the rest of your debt.

Now the question is: How will the driver afford to fix a car that he couldn’t even afford to make payments on? I hope that he was insured, but my guess would be no.

The driver will need to start looking at some serious options for relieving his debt. Bankruptcy may be his best option—and if he would have thought so before he stopped making his car payments, this entire situation could have been prevented. He would be well-advised to contact a bankruptcy attorney that can help him avoid making these hasty (and poor) decisions.

Tags: avoiding car repossession, bankruptcy, bankruptcy attorney, car accident, car repossession, Kansas City Missouri, options for paying debt, repo man, wage garnishment st. louis

This entry was posted on Tuesday, September 8th, 2009 at 7:57 am and is filed under bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.