If you are behind on your car or truck payment you may be facing repossession of such vehicle.
Some people have their vehicles repossessed at the most inconvenient of times, for example, when they are in the grocery store shopping to feed their families.
If your car, truck or motorcycle is at risk of an auto repossession, bankruptcy may provide the relief you need. While bankruptcy is not the right answer for everyone, it has helped millions of people fight adverse creditor actions such as assisting in stopping an auto repossession.
Through a Chapter 7 or Chapter 13 bankruptcy, you may be able to save your vehicle from repossession.
Filing bankruptcy can be a powerful tool to keep your vehicle, even if when it is in the process of being repossessed. The sooner you take action and contact an attorney, the more likely you will be able to stop your auto from being repossessed.
Stop a Repossession With Chapter 7 or Chapter 13 Bankruptcy
Losing your auto as a result of repossession can be a disaster for you and your family. However, if your vehicle has been repossessed, all is not lost.
If you still have your car, filing bankruptcy will freeze all collection activity. If your car has already been repossessed, you can still get it back as long as you file for Chapter 13 bankruptcy before it is eligible to be sold by the creditor.
Filing Chapter 7 Bankruptcy will help you to retain your vehicle for a short (45-60 days) period if you are behind on your payments. However, long term retention of your vehicle will require you to pay back any missed payments.
If you are not in the financial position to make up these payments right away, you can choose to file Chapter 13 Bankruptcy instead. Chapter 13 Bankruptcy will allow you to make up those missed payments over a period a 3-5 year period of time.
Filing Chapter 13 Bankruptcy will also give you time to think about whether you want to keep your car and pay for it over time as originally agreed or allow it to be repossessed and sold.