Stop Car & Auto Repossession In Las Vegas Nevada
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.
Time is of the Essence To Stop A Car or Auto Repossession
Bankruptcy may be just what you need to regain control of your finances while keeping the car you need to get back and forth to work and take care if your family. But, you must act fast.
Once your car has been repossessed, you will only have a limited amount of time to take steps to get it back. After this time period has expired, the creditor will have the right to sell the vehicle at a private or public sale.
In almost every case, the sales prices of your vehicle will be much less than what you owe on it. As a result, it is not unreasonable to expect a balance due after the sale of $5000 – $10,000, depending on the circumstances.
The creditor will then have a right to sue you and obtain a judgment for this balance. Once this happens, you will have no car, because it’s been repossessed and sold, and you will still owe a big debt.
This is why you should move quickly if your car has been repossessed. Speak with an experienced bankruptcy lawyer today to explore your options.
Stop Auto Repossession by Contacting The Law Office of Rodney K. Okano
If your vehicle has been taken by a repo agent in Las Vegas, Nevada, contact the Law Office of Rodney K. Okano immediately at (702) 566-3600, or contact us by using our contact form. The sooner we become involved the easier the process is for you and the more likely we can get the vehicle back for you.