What happens if I can t afford my car payments after a divorce?

Answer

A:

If you’re struggling to make car payments after a divorce, the financial and legal consequences can be serious. Here's what you need to know and do:

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 1. You’re Still Legally Responsible

Even if your divorce decree says your ex-spouse must pay, the lender will still hold you liable if your name is on the car loan. Divorce doesn’t change your contract with the lender.

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 2. Late Payments Can Damage Your Credit

Missing payments can lead to:

• Penalties and late fees

• Negative credit reports

• Vehicle repossession

• Legal action by the lender

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 3. Repossession Is a Real Risk

If the loan is unpaid, the lender can repossess the car without warning. This stays on your credit report for up to 7 years.

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 4. Explore Loan Modification or Refinancing

Talk to your lender. You may be able to:

• Refinance in your own name

• Defer payments temporarily

• Modify the loan to reduce the monthly burden

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 5. Consider Selling or Voluntary Surrender

• If the car's value is more than the loan, you can sell it and pay off the balance.

• If not, you may surrender the vehicle—but this also affects your credit negatively.

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 6. Legal Options May Be Available

If your ex was ordered to pay and hasn’t, you can:

• File a motion for enforcement in family court

• Speak to a legal expert about your rights and remedies

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 Need Help?

Learn more and get the expert support you deserve:

 Visit: www.legals365.com
 Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

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