Stop a Memphis Car Repossession
If you’re at risk of losing your car over bills you can’t pay, you need the attorney to stop car repossession Memphis has trusted for decades.
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 threaten to take your vehicle, or “repossess” it.
Car repossession steals your time and your joy. Instead of getting to work or spending time with your family, you have to worry about hiding your vehicle or making payments on your loan that feel totally impossible.
We like to say that while Memphis sleeps, the repo man is hard at work. After over 30 years of serving the Memphis area, we’ve seen all their dirty tactics. And we know how to stop it.
How to Stop a Car Repossession in Memphis
You have a few options to avoid repossession. First, you can always try contacting the bank to negotiate lower payments or calling a debt reorganization group. But both of those options can fall through. Neither has the power of federal law behind it. If the bank decides to change its mind, you are right back where you started.
Bankruptcy is different. By filing for bankruptcy with a qualified attorney, you can stop the car repossession.
In many cases, you can stop a repossession through Chapter 7 bankruptcy, which clears your debts and gives you a fresh start.
But depending on your situation, you might benefit more from a Chapter 13. A Chapter 13 bankruptcy is a debt reorganization plan set up by the courts and written into federal law. When you file, you 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 the debt and own your car. And since the courts set up the plan for you, your creditors have to comply.
A good Memphis bankruptcy attorney will help you decide which chapter is right for you.
Contact a Stop Car Repossession Memphis Attorney
If you’re behind on your car payments, don’t wait. Repos happen in parking lots, overnight, and when you least expect it. I’ve had clients come to my firm in a total panic, having lost their cars while in class or work or even while they slept soundly in bed. There’s no reason to live in fear like that.
Our Memphis bankruptcy lawyers work overtime when you need it most to save your car and get you out of debt. We work with you to help you afford bankruptcy. And our award-winning staff treats you with kindness and respect.
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.
You can speak with the attorney to stop car repossession Memphis trusts – just call us today to get started, no strings attached.
Frequently Asked Questions | Car Repossession
At Darrell Castle & Associates, our qualified team can help you navigate the challenges of car repossession and help you to in Memphis stop car repossession and make well-informed decisions going forward.
How can an attorney help after my car has been repossessed?
If your car has been repossessed, an attorney may be able to help you in several ways. There are a few ways a attorney may be able to assist you, including the following:
- Review the legality of the repossession to ensure that your rights were not violated during the repossession.
- Negotiate with your lender to help you retrieve your car or work out a payment plan to get your car back.
- Explore legal remedies such as filing a lawsuit against the lender for wrongful repossession or breach of contract.
- Protect your credit & challenge negative information on your credit report.
What impact can a car repossession have on my credit score?
Car repossession may have a significant negative impact on your credit score. The exact impact on your credit score will depend on several factors, including your previous credit history, the number of missed payments leading up to the repossession, and the amount of the loan that was outstanding.
The repossession will appear on your credit report and may remain there for many years from the date of the first missed payment that led to the repossession. The repossession will be marked as a major derogatory event on credit reports, which may cause your credit score to drop significantly and make it more difficult to obtain credit.
What strategies do attorneys use to help clients who are facing an impending car repossession?
Attorneys can help clients who are facing an impending car repossession in a variety of ways, depending on the specific circumstances of the case and may be able to stop car repossession in Memphis from happening all together. Strategies may include:
- Negotiating with the lender: This could involve negotiating a payment plan, restructuring the loan, or seeking other alternatives to repossession.
- Challenging the repossession: If the repossession is illegal or unjustified, attorneys can challenge it in court.
- Filing for bankruptcy: Bankruptcy can stop a repossession and give the borrower time to catch up on missed payments.
- Advising on consumer protection laws
What are deficiency judgements and what legal strategies can attorneys use to defend clients who are facing them?
In some cases, the lender may seek a deficiency judgment against the borrower after a repossession, which is a judgment for the difference between the amount owed on the loan and the amount the lender was able to sell the car for. Attorneys can help their clients defend against deficiency judgments and negotiate settlements with the lender by means of the following:
- Evaluating the terms of your loan.
- Arguing against the deficiency amount.
- Defending against the lawsuit.
- Negotiating a settlement.
- Advising on bankruptcy options.
Who is most vulnerable to car repossession?
- Low-income individuals may have a harder time making their car payments or may be more likely to experience financial hardship.
- People with poor credit may have a harder time securing affordable car loans or may be more likely to default on their loans.
- Older adults on fixed incomes may have limited financial resources to cover unexpected expenses or to make up missed payments.
- People with disabilities may face additional challenges when making car payments, such as higher medical expenses or difficulty finding employment.
- Members of minority communities may be more likely to experience car repossession due to systemic inequalities.
The reasons your car may be targeted for repossession vary widely and may be unjustified. Area residents can trust the qualified team of Darrell Castle & Associates to help stop car repossession in Memphis. Contact us today to talk with one of our attorneys about your situation, free of charge.
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