If your car is facing repossession or it has recently been reclaimed by your lender, then do not hesitate to contact an experienced Chapter 13 lawyer at JRQ & Associates. The experienced bankruptcy attorneys at JRQ & Associates will help you file a Chapter 13 bankruptcy to stop car repossession immediately and can likely obtain much more favorable terms on your car loan.
Upon filing a Chapter 13 bankruptcy, an automatic stay springs into effect and prohibits your creditors from taking any further action against you. Specifically, it prevents your car loan lender from repossessing your vehicle. After the bankruptcy Judge approves an affordable repayment plan, you can keep your car as long as you stay current with your Chapter 13 bankruptcy plan payments and the vehicle is dealt with appropriately within the Chapter 13 bankruptcy.
If your car has already been repossessed, you still might have a chance to reclaim it if you file for a Chapter 13 bankruptcy within a certain period of time and you meet certain criteria. If you are considering this as an option, contact an experienced bankruptcy attorney at JRQ & Associates immediately because you have no time to waste.
If certain requirements are met, it is possible that your car loan may be eligible for a cram-down of the debt. Basically, the loan is lowered to the depreciated value of the vehicle. We may also be able to slash the interest rate that you are paying. Both operate to lower your payment and make it much more affordable for you. You must speak to a Chapter 13 bankruptcy lawyer at JRQ & Associates to see if you meet the requirements for this option.
Perhaps there is a situation in which it does not make sense to stop repossession and/or get your vehicle back. It’s a complete myth that you cannot let that vehicle go and purchase another car during or after your bankruptcy. Further, there are so many other benefits to a Chapter 13 bankruptcy that you should explore with an attorney at JRQ & Associates. Additionally, a Chapter 7 bankruptcy may also be an option in this situation if you want to walk away from your vehicle without fear of a lawsuit down the road. It will wipe the slate clean and allow you to start over. Call today for a free consultation to discuss all of your options with one of our bankruptcy lawyers.
