Car Repossession Lawyer
Worried About Car Repossession?
Perhaps we can help!
The threat of car repossession causes nightmares for many who have fallen behind in payments and fear running out of options. After all, losing your car could mean losing your ability to get to work or school, triggering an eventual financial catastrophe.
At the Sasser Law Firm, our knowledgeable attorneys frequently work with clients facing car repossessions and needing help fast. Our board-certified bankruptcy attorneys can act quickly to review your options and take the proper legal steps to protect you.
Contact us now to schedule a free consultation. You will meet directly with one of our skilled lawyers, who can discuss how to stop car repossession, whether through bankruptcy or other means.
How Can Bankruptcy Stop Car Repossession?
Although filing for bankruptcy is not the right move for everyone, it can stop a creditor from repossessing your motor vehicle. When you file for bankruptcy, the court issues an “automatic stay,” which prevents creditors from taking further action against you during bankruptcy proceedings.
Your options for keeping your car will depend on what type of bankruptcy you choose to file:
Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy, you are protected from creditors while you make a repayment plan to deal with your debts. When it comes to keeping your car from being repossessed, Chapter 13 may offer opportunities to:
- Pay off your car loan, despite being behind on your payments
- Increase the length of your loan to reduce the monthly payment amount by stretching payments over a more extended time period
- Renegotiate the interest rate on your car loan, to lower it to decrease monthly payment amounts
Chapter 13 bankruptcy also has many other benefits, such as the chance to save your home from foreclosure. However, it requires you to take a hard look at your income and expenses to develop a strict budget and reasonable plan for repayment of debt.
If your vehicle has been repossessed and you want to recover it then you may want to file chapter 13 bankruptcy. A chapter 13 bankruptcy will stop a repossession and if the vehicle has been repossessed then it can often be recovered if there is full coverage insurance.
Chapter 7 Bankruptcy
What Happens If You Give Away Your Car during a Chapter 13 Bankruptcy or Chapter 7 Bankruptcy?
If you decide that you no longer want to try to keep your car, you can surrender your vehicle as part of the bankruptcy process.
Sometimes, the car may be worth less than you owe on the loan.
However, the deficiency balance is considered “unsecured debt,” which means it can be discharged (or forgiven) as part of the bankruptcy process.
Talk to a Knowledgeable Car Repossession Lawyer in Cary, North Carolina
At the Sasser Law Firm, you will work directly with an experienced car repossession attorney, not a paralegal or a legal assistant. Our dedicated legal team understands your situation’s complex and time-sensitive, so we will act quickly to assess your case and lay out your options.
Schedule a free consultation with our knowledgeable car repossession attorneys today to learn how we can help. Our law firm serves people throughout North Carolina, including Wake, Harnett, Johnston, Durham, Orange, Granville, Vance, Franklin, Warren, Nash, Lee, Chatham, and Moore counties.