My question involves court procedures for the state of: Colorado
I was served with papers a short while ago about a debt for a vehicle loan through a credit union. The amount of the debt or judgement being entered in the court is around $7,800 with ATT fees, etc. I voluntarily turned in my vehicle when I was laid off.
The issue is we have no assets, no savings anymore, and my wife is the only one currently working while I attend college full time and we are a family of 5. (children aged 7, 3 and 1) - we don't (can't afford) pay for a babysitter, my MIL watches the kids for us while she is working and I am in school. My school is completely paid by financial aid grants, and small student loans. I am currently attending college full time as well for a Associates in Computer Information Systems.
Income/Assets:
We only have one vehicle which is paid for and the KBB private party value is around $5,000.
My wife's total wages are around $1,300/mo, our half of the rent (3bdrm with 1 room mate) is $500, electric $180, gas $40, internet $80, phone $40, insurance $100, extra money spent on food that assistance does not cover is $100 OOP, then diapers for 2 children, and all of the other necessities. We are living paycheck to paycheck....no bank accounts (we use prepaid cards, and no savings $)
Now from what I read if I show up to the court on the date, they will still enter the judgement but it will be reduced based on our bills, etc or we may be completely execution proof depending on what the actual laws are for Colorado and amounts. I just want to make sure that they cannot take our only vehicle, and that we can still pay all of our normal bills.
Can anyone shed some advice here?
I was served with papers a short while ago about a debt for a vehicle loan through a credit union. The amount of the debt or judgement being entered in the court is around $7,800 with ATT fees, etc. I voluntarily turned in my vehicle when I was laid off.
The issue is we have no assets, no savings anymore, and my wife is the only one currently working while I attend college full time and we are a family of 5. (children aged 7, 3 and 1) - we don't (can't afford) pay for a babysitter, my MIL watches the kids for us while she is working and I am in school. My school is completely paid by financial aid grants, and small student loans. I am currently attending college full time as well for a Associates in Computer Information Systems.
Income/Assets:
We only have one vehicle which is paid for and the KBB private party value is around $5,000.
My wife's total wages are around $1,300/mo, our half of the rent (3bdrm with 1 room mate) is $500, electric $180, gas $40, internet $80, phone $40, insurance $100, extra money spent on food that assistance does not cover is $100 OOP, then diapers for 2 children, and all of the other necessities. We are living paycheck to paycheck....no bank accounts (we use prepaid cards, and no savings $)
Now from what I read if I show up to the court on the date, they will still enter the judgement but it will be reduced based on our bills, etc or we may be completely execution proof depending on what the actual laws are for Colorado and amounts. I just want to make sure that they cannot take our only vehicle, and that we can still pay all of our normal bills.
Can anyone shed some advice here?
Judgment Issues: Judgement for $7,500
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