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Chapter 13 can Stop RepossessionsChapter 13 can stop repossessions. It is always better to file Chapter 13 prior to the repossession. If your car, truck or other vehicle has been repossessed but not yet sold by the creditor prior to the case being filed, the court may order the creditor to return it to you. If you are just behind on the payment a Chapter 13 will help to save your vehicles. Under Chapter 13, interest charges may even be reduced, and your monthly payments can often be lowered. Depending on all the facts in some cases, the balance secured by the vehicle may be reduced to its current market value, even if this is much less than the loan balance. A lot of time a car loan is for many years and it is negative at the time of the Chapter 13. Under [Title 11 USC §1325(a)(5) & unnumbered last subparagraph] In Chapter 13, you pay for the car in a single monthly payment which consolidates all of your bills. Many times singular payment can be lower than the debtor old car payment alone. Chapter 13 is a very good option when you have asset you want to keep. Bankruptcy and Car RepossessionsOne of the most common mistakes people make after their car, truck or vehicle is repossessed is that is the end of it. They think the lender gets the car back and now that event is over with. Months go by and they think life has returned to normal. Wrong! If you are one of these people you have a lawsuit in your future, and the longer you put it off paying or taking other steps to end it the more penalties and interest are going to hit you. If you pretend it's over by not answering the phone or letters you're fooling yourself. If you wait too long, we can't help you because you've you don't have time or money to stop the garnishment. Then you are stuck letting them suck your paycheck every pay period until you've paid the whole thing. This same thinking has came back many times after a house been foreclosed on. My law office can, in some instances, negotiate with the lender from the point that I am a bankruptcy attorney. They know I probably can discharge the debt or lower it depending on what form of bankruptcy can be used. They know I mean business and I will represent you best interests. Consumer & Business Bankruptcy Attorney EL Cajon, California Serving San Diego County
David A. Casey, Attorney
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We are a debt
relief agency. We help people file for relief under the Bankruptcy Code.
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