I received a summons to court for default on a car loan. They repossessed the vehicle and sold it at auction and we are to pay the amount we owe, as I understand and as we should.
My question is, they have not asked for a list of assets, we don't have many, a paid for truck and a small savings, and a house that we owe $63K on but is worth $92K. Do they already know what we have? We haven't filed for bankruptcy and aren't likely to. My husband is the sole income earner and is head of household, his taxable income was less than $20K this year.
When I spoke to the filing attorney after I received the summons, he said that they will speak to me after the judgment in court and arrange a payment plan.
Since they did not request a list of assets will they take our savings and truck? Or are they likely to entertain the payment arrangement as long as we hold good on the payments? What will happen?
I'm afraid of losing our vehicle and our savings. We don't have much.