question about car in Ohio

[Brighterdays]

I live in ohio and lost my job last year. My house has just gone into foreclosure and I am letting it go. This will be the first month I have ever missed a payment and will cease to make all payments now. I can't file until middle of next year. I am curious if they (credit cards co.) can take my car. It's a 1998 explorer with 80k miles. Book on it is 2400 rough trade to $5000 clean retail(nada). I own it free and clear. Can they take it as its my only asset no savings and no income?

[catleg]

Only after they sue you, get a judgment, and then get a writ of execution on your property. Even so it may be exempt..not sure what the rules are in Ohio. It's possible they won't sue you, if they know you're unemployed and don't own a house. Most people can go 8 or 9 months without being sued fairly easily. A lot depends on the courts in your state, what it costs to file a suit and how fast they can then get it to judgment.

[Brighterdays]

Only after they sue you, get a judgment, and then get a writ of execution on your property. Even so it may be exempt..not sure what the rules are in Ohio. It's possible they won't sue you, if they know you're unemployed and don't own a house. Most people can go 8 or 9 months without being sued fairly easily. A lot depends on the courts in your state, what it costs to file a suit and how fast they can then get it to judgment.

Hey, thanks very much for the reply, but I was hoping someone in Ohio had a clue of what the law was.

[eddiep]

As catleg said there are several steps before this happens so dont start worring yet. Once you get notice that you are being sued you will have several months before anybody could take your car.

[OhioFiler]

BigBoy2U may be from Margaritaville, not Ohio but he is absolutely correct.

I hope you've studied the foreclosure process in Ohio. You can probably live in your house rent-free for 12 months or so if you handle the process correctly.

I would not consider filing bankruptcy until you have a new job.

[Brighterdays]

BigBoy2U may be from Margaritaville, not Ohio but he is absolutely correct.

I hope you've studied the foreclosure process in Ohio. You can probably live in your house rent-free for 12 months or so if you handle the process correctly.

I would not consider filing bankruptcy until you have a new job.

RE CAR, Thanks for all the replies. The vehicle is actually in prestine condition and I would hate to lose it as my credit is shot and I wouldn't qualify for another loan. I will be filing BK but not until at least june or july of 2010.


RE house: Unfortunately its in toledo and we were just ranked in Forbes magazine's best mid size cities to find a job. Toledo took 365th out of 365. Yep dead last. So i have already moved my stuff out and down to the columbus area. I am working on cash for keys, less the cash part with the mortgage CO. I am in talks with their lawyer to see if he will forgo any deficiency judgement.