Louisiana Repo

Hi, I hope I'm posting this on the right forum..
In Jan 07 my hubby and I made a stupid mistake. We traded in my Chevy Equinox for a Dodge Caravan. We owed alot left of the Chevy and now I have a loan at Wells Fargo for almost $28,000. We shouldn't have done this. The payments were $150 more than what we were paying on the chevy every month so we thought we would be okay. Now 2008, we like so many other Americans are struggling. My mortgage is more important to me than this van is. I am 71 days past due on the van. I called to make a monthly payment of $600 today and they won't accept it until I can make a full payment of $1973.00. There is no way I can make that much of a payment. So now I'm considering letting them come pick up this thing. I've asked for a deferrment but they said I am too far behind. I don't care about my credit. I've got enough things and I don't want to be tempted to buy anything else for a while. I don't mind having to pay back my debt, it's my responsibility, I just need help.
Now my ? is...
If the van is repossessed can the finance company take my house? garnish wages? My mother in law bought 10 acres of land 8 yrs ago and put it in my hubby's name so his siblings had no stake in it if something were to happen to her. About 5 months ago we finally got her to transfer it out of his name because we are afraid they'll take it from her. It's in no way our land. We are currently living on 1/3 acre, with 2 kids and a mortgage when if it were our land we could be living on 10 acres without mortgage. The lawyer we spoke to about filing bankruptcy said he felt we were hiding the land from creditors. That is not true. It's never been "ours". Can Wells fargo take that land from my mother in law because it was in my hubby's name 5 months ago?
How long would we have to pay back the remaining balance on the vehicle? How long would it take them to take us to court?
Thanks

You are talking about two separate issues--the repo and bankruptcy. Unless in some bizarre twist the property was used as collateral somehow ( although I cannot imagine how ) it is not at risk in the repo process. The vehicle will be repossessed and sold and they may seek a deficiency judgment against you for the balance.

However, regarding the land---while it isn't in jeopardy because of the repo, if your attorney says it appears as though you are hiding some fiscal interest in the property, I'd listen to him and act accordingly. Your mother in law didn't have to deed it to your husband to "keep it from the other siblings"---simply make a will stating it is to go to him if she dies. Problem solved. Transfering it after you fall into financial trouble---surely you see how that looks to the court? Also, you insist it isn't yours---the fact that you don't LIVE on the property doesn't mean it wasn't legally your husbands. The reasons for putting it in his name and then out of his name are irrelevant when it comes to bankruptcy. If what you are saying happened was acceptable, everyone would rush to transfer property so they wouldn't lose it.
This happened to someone I know recently. He deeded his house and land to his mother so his wife wouldn't get it before he filed for divorce. Well, mom dies without a will and bingo, she is the 'owner' of a property in another state, a property she has never seen and it then became part of her estate and he lost it anyway. Karma, eh?

Anyway, I agree with the attorney on how "it looks". If you don't like his answer, seek another attorney. If you get the same answer, respond accordingly to avoid further legal trouble.

Also, have you considered a non profit group such as Consumer Credit Counseling? Note--these are not bill consolidation groups--they are non profit agencies that work with creditors and debtors to pay back debt. Look in your yellow pages for a local group near you. The consultation is free.

Rightly said.