Using Bankruptcy to Stop Car Repossession
Memphis Chapter 13 Bankruptcy Attorneys
Bankruptcy can stop car repossession.
When you take out a loan to purchase a car, you put your vehicle up for collateral. That means if you miss some payments and begin falling behind on your car note, the bank will start threatening to take your vehicle, or “repossess” it.
By filing for Chapter 13 bankruptcy, you can stop the car repossession.
A Chapter 13 bankruptcy is a debt reorganization plan. By filing, you can lump your debts – including your past-due car payments – into an affordable 3-5 year repayment plan.
Once the plan is complete, you’re free of that debt, still have your car, and are current on your car note.
If you’re behind on your car payments, DON’T WAIT. Repos happen in parking lots, overnight, and when you least expect it. There’s no reason to live in fear like that.
Contact us today or call (901) 327-2100 to talk with one of our attorneys about your situation, free of charge. We can help you figure out your options and get you back on track before it’s too late.