Car Repossession

Tampa Bay Bankruptcy and Debt Relief Attorney

Having your car repossessed can be a nightmare. Not having a car can mean missing important medical appointments, not being able to take the kids to school, even losing your job. Filing bankruptcy after repossession may offer you some options for relief.

Car Repossession

How Do I Stop Car Repossession?

If you have defaulted on your car loan payments, the bank lender on your car note can legally repossess the car. After gaining possession, the bank will try to sell the car at auction in order to make up some of the balance you owe them. This process can happen really quickly, often as fast as ten days.

Obviously, this means the best option is to stop the repossession before it actually happens. Most people who have defaulted on their car payments are often facing down other debts as well. If this is you, you may want to consider filing bankruptcy. When you file bankruptcy before a car repossession, the court will offer a "stay", which means no creditors can take action on their collection while you're under bankruptcy "automatic stay." This means you can keep driving your vehicle while legal proceedings are happening. After payments are worked out, you may be able to keep the vehicle either by settling with a lump sum or renegotiating your loan.

Steps to Filing Bankruptcy After Repossession

If your car has already been repossessed by the bank, it's still possible to get it back, but you have to act fast. An emergency bankruptcy filing can get you your vehicle back, but not without a little bit of maneuvering on your lawyer's part. Your bank taking the vehicle within 90 days of an emergency bankruptcy filing can be seen as an "illegal preference", since they will have been paid before your other creditors. But your bank lender will not return the vehicle unless ordered to do so by a judge, and that's where having an experienced bankruptcy lawyer on your side can help.

Which Is the Right Bankruptcy Option for Me?

Filing bankruptcy is a big step, and not something you should do just to keep your car. However, most clients are facing down much more debt than just their car loans; filing personal bankruptcy can be a way to get debt relief permanently. There are many different types of bankruptcy, but most individuals choose between Chapter 7 and Chapter 13. The first step is to sit down with an experienced, affordable bankruptcy lawyer to go over your options in more detail. Getting bankruptcy advice you trust is crucial to continuing the process.

At Coleman Law Group, we understand bankruptcy. Our bankruptcy attorneys are the best in the business, bringing years of experience and legal knowledge to the table. With us, you're always an individual and never just a case. We'll fight to get you the fairest settlement and payment plan available. Bankruptcy may seem like the end, but it's actually the beginning of your new, debt-free life. Contact us today to set up your free bankruptcy consultation and get started on your second chance!

St. Petersburg and Tampa: 727.214.0400

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