Our Bankruptcy Lawyers Stop Repossession
In Any County, Including: Wayne, Macomb & Oakland County
Remember the excitement of buying that new car? No one ever plans to get behind on their car payments! But our experienced bankruptcy lawyers understand that circumstances can change. All it takes is an unexpected illness or job loss – and suddenly you are no longer able pay your car note on time.
When this happens, filing bankruptcy is often your best – and usually your only – means to delay or stop repossession.
Bankruptcy Lawyers Help You Keep Your Car – Oakland County
Keeping your car can be extremely important. You may need it to keep your job, to get to doctor’s appointments, or to take your children to school. Our experienced debt resolution and bankruptcy lawyers understand this. We can help you keep your car, or at least delay repossession as long as possible.
Stop Car Repossession with Chapter 13 Bankruptcy – Lawyers Oakland County
If your bankruptcy lawyer files for Chapter 13 bankruptcy, you usually can permanently keep your car. Chapter 13 bankruptcy allows you to set up a “repayment plan” to get caught up on any missed car notes over time – and avoid repossession.
When your bankruptcy lawyer files for Chapter 13 the court puts something called an “automatic stay” into effect. This “stay” stops all creditors – including your car loan company – from pursuing any further collection actions against you. As long as you stay up to date on your re-payment plan payments, no one can repossess your car.
Additionally, if you are “upside down” on your car note (this means that you owe more on the loan than the car is worth), the bankruptcy judge might even lower the amount remaining on your auto loan – and reduce what you still owe down to just the actual “replacement value” of your car.
Delay Car Repossession with Chapter 7 Bankruptcy – Lawyers Oakland County
Chapter 7 bankruptcy does not permanently stop car repossession – but it can temporarily delay a lender from repossessing your automobile. This can give you valuable “extra time” to try and get caught up on your car payments, or at least find other transportation.
Plus, filing Chapter 7 bankruptcy CAN get rid of other debts (such as credit card & medical bills or judgments). And getting rid of these debts often frees up enough money for you to start making your car payments again.
Remember, however, that a Chapter 7 Bankruptcy usually lasts only a few months – so once your case is closed, the lender is free to repossess the car at that point. And, in some situations, a Lender can try to ask the judge for “permission” to repossess the car BEFORE your Chapter 7 Bankruptcy is closed. Most judges will often grant the lender permission to repossess before the case is over – unless you can show that you are still making payments and are trying hard to catch up on your back payments.
If you are behind on your car payments, the best thing to do is consult with one of our bankruptcy lawyers immediately. There are many things we can do to help you protect your property – including your car – from creditors.
Our bankruptcy lawyers have helped thousands of individuals in Wayne, Macomb & Oakland County keep their automobiles- we can help you, too.