Stop Vehicle Repossession
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Keep your car from being taken with bankruptcy protection.
Once you have fallen behind a couple payments on your car, the car finance company will come looking for it. They are allowed to repossess a car without court order as long as they do not disturb the peace. They will start demanding payments when you fall behind. Repossession is not a total surprise. If you know that you are falling behind on car payments, it is a good idea to know your rights in bankruptcy.
If your car has already been repossessed, you may be able to get it back!
Bankruptcy stops all collections of debt, including car repossession. If your car is repossessed just before filing your case, you may be able to get it back. This is a lot easier in a Chapter 13, but it is not guaranteed. Cars that have been repossessed then returned after bankruptcy often come back damaged. Valuables can disappear from the car as well. You usually have to pay for repo fees and storage costs to get your car back. It is much better to file bankruptcy before the car is repossessed.
If you know the car finance company is looking for your car but you need a little time to file your case, you can keep your car out of sight. Because repo agents are not allowed to disturb the peace during repossession, they are not supposed to enter a closed garage, but it has been known to happen. A better option is to prepare for bankruptcy well in advance.
Filing Chapter 7 bankruptcy to stop vehicle repossession in Tacoma, WA.
A Chapter 7 will only stop vehicle repossession temporarily. The bank can get permission from the court to continue repossession in as little as a month. It often takes longer than that, but you probably can only buy yourself a month or two with a Chapter 7. Your best shot at stopping a repossession for good in Chapter 7 is to catch up yourself as soon as you can once you’ve stopped collection on other debt.
Filing Chapter 13 bankruptcy to stop your car from getting repossessed.
A Chapter 13 offers a long term solution. You can restructure your car loan and consolidate it in an affordable plan that lasts three to five years. As long as you keep paying into your plan and keep the car fully insured, the car finance company can not repossess it.
It’s worth mentioning that finance companies are not entitled to self help when it comes to repossessing things like furniture, jewelry and appliances. They need a court order called a “replevin” to recover this property. They can’t send someone out to just take it back from you. They must have the sheriff do it. The whole process is so expensive, they rarely go that route. They would rather garnish your wages for the money. After bankruptcy, it is fairly easy to make a deal with these creditors to keep the property and pay a lot less than what you originally agreed.
FREE case evaluation! Call a bankruptcy lawyer in Tacoma, WA from our firm today.
If you would like to explore your options and have the opportunity to have your legal questions answered in regard to saving your vehicle from getting repossessed, call a Tacoma bankruptcy attorney from our firm now for a free consultation. Our affordable fees make it much easier in tough times like these to obtain the legal guidance you need to a more stable, brighter financial future. Call today!
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Learn more about how you can save your vehicle from getting repossessed. Call for a free consultation with a Tacoma bankruptcy attorney today! (253) 778-6952