Bankruptcy Lawyers Memphis TN

After Filing for Bankruptcy, the Finance Company Just Repossessed My Car. Will I Be Able to get it Back?

You may be eligible to get your repossessed car back with the help of bankruptcy lawyers Memphis TN residents turn to during an overwhelming time. The right bankruptcy lawyers in Memphis TN can do a lot of work to assist you with understanding your rights and responsibilities before filing for bankruptcy.

There’s no doubt that you may be concerned about the best way to proceed with bankruptcy. You likely want to keep as much property as possible, which is why hiring an experienced lawyer may help you from the outset of your bankruptcy case. You might even be considering bankruptcy after your vehicle has been repossessed, as this is a serious indication of your creditor’s willingness to take action over existing debts. The Memphis bankruptcy lawyers from Darrell Castle and Associates, PLLP may help prepare you for this process.

You may be eligible to reclaim your car if your vehicle has not yet been sold at auction. However, it might cost you some money to recover it. This is why it is strongly recommended that you identify bankruptcy lawyers Memphis TN community members entrust with the management of their financial affairs when they are contemplating filing for bankruptcy. Knowing that you’re receiving trustworthy counsel from bankruptcy lawyers Memphis TN provides can give you a great deal of peace of mind during an otherwise overwhelming time.

If you suspect that you’re going to file bankruptcy anyway and you are concerned about repossession, it may be a better option to file after consulting with bankruptcy lawyers Memphis TN residents entrust with their cases. If your car was already removed from your driveway but has not yet been sold, you may be eligible to get the vehicle back if you file for Chapter 13 bankruptcy. You may have to make car payments with a Chapter 13 bankruptcy, pay several hundred dollars in repossession fees, and wait for several months until the creditor opts to give you the vehicle back.

Having bankruptcy lawyers in Memphis TN can help you navigate this process more successfully. Without the creditor’s permission, you will most likely be unable to get the vehicle back in a Chapter 7 bankruptcy. The only way that a creditor would allow you to reclaim your car would be to entirely pay off your debts immediately.

While a Chapter 7 bankruptcy may stop the repossession temporarily, the court could grant permission to the creditors to take the car at some point in the near future. The only definitive way to save your vehicle is in a Chapter 13 bankruptcy in the event that you are able to pay the amount due on the car in a lump sum.

If you have additional questions about bankruptcy, don’t hesitate to contact our law firm for more information. A lawyer from Darrell Castle and Associates, PLLP may help you figure out your next steps and guide you through the bankruptcy process. To schedule a consultation with a team of bankruptcy lawyers Memphis TN trusts, contact us today at 901-327-2100.