By: Darrell Castle
Your car is important. It’s how you get from point A to point B. It’s how you get to and from work. It’s how you get your kids to and from school. It’s how you transport through life.
Losing this transportation could be critical. That’s why it’s important to know about car repossession and how you can stop it.
Here are 5 important things you need to know.
1. You’re not alone
If you’re behind on your car payments and facing a repossession, then you’re not alone. In 2013, 1.4 million cars were repossessed in the United States.
Don’t feel embarrassed. This is a problem many people are going through. Life is a ride and we learn lessons along the way.
2. Your car payment is a secured debt
A secured debt is a debt backed by collateral. In this case, your collateral is your car. So when you fall behind on your car payment, the creditor has the right to take your car from you.
Another example of a secured debt is your mortgage payment. When you fall behind on this payment, the bank can foreclose on your house and force you to move out.
3. When you don’t have car insurance
In Tennessee, it’s illegal to own a car without having insurance. However, there are still many uninsured drivers out there.
If your loan holder learns that you’re driving without insurance, then he can force place insurance and charge it back to you. That in itself can result in missed payments, ultimately leading to a car repossession.
4. You can stop the car repossession and pay your car off!
You can stop the car repossession!
You can file for Chapter 13 bankruptcy. That’ll allow you to lump your debts into an AFFORDABLE 3-5 year repayment plan. Then, once you’ve completed the payment plan – making all of your payments on time – the debt is gone and you’ve kept your car! And in most cases, the car is completely paid off!
5. Darrell Castle & Associates can help you
For decades, our team has helped people in the Mid-South get out of debt and onto a better life. Our detailed and responsive staff will handle your case the right way,
That’s one of the reasons why we’ve received multiple Client Distinction Awards from Martindale-Hubbell for client satisfaction. You’re in good hands here.
How to get in touch with us
If you’re struggling financially and want to talk to someone about your options, then our FREE consultation is perfect for you.
Call (901) 327-2100 today to schedule your appointment. Or you can fill out the form to the right of this page to have someone from our office contact you.