When you’re living paycheck to paycheck, it’s easy to fall behind on regular payments. Unfortunately, car lenders aren’t understanding, even if an unexpected life event is to blame. And the repo man has a host of dirty tricks up his sleeve to make sure you pay the price, stopping at nothing until your car is no longer yours.

When you take out a loan to buy a car, your vehicle becomes collateral. That means the bank is legally justified in threatening to seize your vehicle if you begin falling behind on your car note. Repossession is devastating, and for those who rely on their cars to get to work, it can create a financial nightmare.

Many people who believe they can save their cars from repossession don’t have all the facts. These are some of the biggest misconceptions I’ve encountered throughout my 30+ years as a lawyer.

1. A partial payment can’t stop repossession.

It may seem better to pay what you can rather than nothing at all, but in this case, a partial payment is just putting a band-aid over the problem. Any time you pay less than what you owe, your car could be repossessed. A partial payment may extend the time you have until the repo man comes, but it does not help you keep your vehicle.

2. There’s no grace period after a missed car payment.

This is one of the biggest misconceptions about repossession that I’m aware of. People often think there must be a minimum number of missed payments before repossession can happen. For the most part, car finance companies can legally repossess your vehicle even if your payment is one day late. In some cases, you will receive a warning, but you are not guaranteed one.

3. You could lose some personal items inside your car.

As I’ve written before, you do have some rights when it comes to reclaiming the personal items inside your car. For example, creditors or repossession agents can’t legally keep your cell phone as though it were a part of the car. But they do not have to give you back items that were installed, including but not limited to stereo systems, custom hubcaps, and floor lights.

There’s an easy way to stop car repossession.

Don’t delay the inevitable, or put yourself through needless stress. If you are facing serious financial hardships, partial payments and other short-term solutions won’t help. Only debt reorganization can offer long-term relief.

Bankruptcy will stop repossession in its tracks. Our experienced lawyers can set up a Chapter 13 plan that will allow you to pay off your car payments at an amount affordable for you. Once you file, the creditors will no longer come after you.

Our attorneys in Memphis TN stop repossession – get help today.

Call (901) 327-2100 today or contact us here for a free consultation. There’s no need to put yourself through the heartbreak and headaches of car repossession when there’s an easy way out. We will help you get back on track before it’s too late.