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Stopping Repossession of Your Car
You May Have Options to Keep Your Vehicle
Stopping repossession of a car is often a major concern for people who turn to us for debt relief. Our attorneys offer peace of mind even when a lender is threatening repossession. If you have fallen behind on your car payments, don’t wait. Call us for attorneys who may be able to identify a strategy for keeping your vehicle. There is no reason to live with the stress that debt and fear of repossession can inflict on your life.
How Can I Stop My Vehicle from Being Repossessed?
Depending on your unique situation, there are several solutions that may be available. It is always a good idea to explore these options with an experienced attorney so that you are choosing the right option for you.
We may suggest options to prevent repossession:
- Bankruptcy: When you file for bankruptcy, an automatic stay immediately halts repossession actions, allowing you time to sort out your finances. During this time, you can either work out a payment plan through Chapter 13 or catch up on back payments.
- Debt consolidation: It may be possible to consolidate your debts into a lower interest rate loan than your current rate.
- Debt negotiation or debt settlement: With this option, you can negotiate with your lender for more favorable terms, which can include lower interest rats, lowering the overall debt owed, or creating a new payment plan.
- Reaffirmation agreement: This is an agreement where the debtor agrees to repay the debt and that it will not be discharged through bankruptcy, allowing you to keep your vehicle.
While there may be other options to keep your automobile, filing bankruptcy may be a feasible solution. Bankruptcy should always be a last resort, but it should not be feared. Filing Chapter 7 or Chapter 13 bankruptcy puts an immediate stop to repossession and foreclosure actions. It also prevents lenders from harassing you and demanding repayment on most loans, including auto loans. If you are having severe debt problems and see nothing in the foreseeable future that will alleviate these problems, take action.
Call (310) 220-4147 for a confidential discussion with a Los Angeles bankruptcy attorney who may be able to help you protect your car from repossession.
Put an End to Repossession & Creditor Harassment
An automatic stay will go into effect immediately. This prevents creditor harassment and repossession proceedings. If a lender continues to harass you or follow through with repossession, they face serious legal consequences. Additionally, if you want to keep your vehicle, you may be able to file Chapter 7 bankruptcy, classify your car as exempt, liquidate some of your other assets, and be able to make full car payments with your additional funds. Chapter 13 bankruptcy will allow you to reorganize your debt and repay past due car payments over several years.
Before they become our clients, many people are convinced they will lose their car or have their homes foreclosed upon. They are often surprised to know they have many options.
Contact us to explore all the legal remedies available for stopping repossession of your car.
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