Can I Stop a Car Repossession?
Yes, you can avoid an auto repossession through a Chapter 13 or Chapter 7 bankruptcy. To learn more, contact an Indiana bankruptcy attorney at the law offices of Cheesebourough & Boruta.
To schedule a free consultation with a bankruptcy lawyer at our firm, call 317-708-3925, or contact us by e-mail. For your convenience, we have office locations in Indianapolis, Avon and Fishers, Indiana.
How Does it Work?
When you file for bankruptcy with a U.S. Bankruptcy Court, an automatic stay is created which places certain limitations on most types of creditors, including car companies and car loan companies.
This gives your attorney time to communicate with your creditors to determine the best course of action to avoid auto repossession. If you file for Chapter 7 bankruptcy, you can choose to reaffirm your auto loan debt and save your car. If you choose to file for Chapter 13 bankruptcy, you seek a three to five year payment plan that will allow you to pay back your auto loan arrears gradually over time without losing your vehicle.
If you file for Chapter 7 bankruptcy, there may be an added advantage. If the current fair market value of your car is less than the amount you owe, you may be able to pay the fair market value in a one-time lump sum payment and keep the vehicle without additional debt or penalties. If you cannot afford to pay in one lump sum, there are lending institutions that may be able to help. If neither of these options is possible for you, we may be able to suggest an alternative.
Learn More About How to Stop an Auto Repossession - Contact Us
To speak with a bankruptcy lawyer about auto repossession, debt settlement or other debt related matters, contact the law offices of Cheesebourough & Boruta today.
