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Voluntary Repossession and Deficiency Balances

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Bills.com Team
UpdatedJul 17, 2024

Bills.com co-CEO, Brad Stroh discusses what you need to know about voluntary repossession and deficiency balances.

Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

Take the first step towards a debt-free life with personalized debt reduction strategies.

Choose your debt amount

$25,000
$1,000$100,000+
Get started now

Or speak to a debt consultant  844-731-0836

Debt statistics

If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.

A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.

The amount of debt and debt in collections vary by state. For example, in Nebraska, 18% have any kind of debt in collections and the median debt in collections is $1972. Medical debt is common and 6% have that in collections. The median medical debt in collections is $653.

To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.

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2 Comments

BBill, Aug, 2009
You have options. I recommend you read my answer to another reader who had a similar question. My answer is long, but I want you to read it through to understand your options.
ggeraldine, Aug, 2009
i can no longer afford my car, i am not behind in payments, but am struggling, i checked on chapter 7 so i wouldn't have to pay the deficency, but the lawyer wants 1200.00 to take my case, if i had that kind of money i wouldn't be in this fix, my husband is on disability and i work full time, but there is just no enough money, i have no credit card debts, the house is in his name, what can i do