As a car repossession lawyer TN trusts, I have seen many good, hard working folks face car repossession. Car repossession is often not a result of poor choices. Maybe you bought a well-priced car but you lost your job, or maybe you chose a car that is too expensive for your income because your family needs it. If you’re in this situation, you’re not alone. In the aftermath of the global pandemic, many Americans are out of work and struggling to make ends meet through no fault of their own.
Thankfully there is a way to keep your car and even lower your monthly payments. Bankruptcy can help.
Bankruptcy can stop car repossession in its tracks.
Some folks get nervous just hearing the term bankruptcy. Due to a lot of misinformation, they think bankruptcy equals failure. But the truth is, bankruptcy is nothing to be afraid of. In fact, it’s a sign of hope and taking charge of your financial life. It offers you a fresh start so you can keep your car, rebuild your credit back stronger in the long-term, and also take an enormous amount of worry off your shoulders.
Through the bankruptcy process, all of your debts will be lumped into an affordable repayment plan. If your car has been repossessed, our experienced bankruptcy attorneys can get it back for you as long as it has not been sold. If a creditor is threatening to repossess your car, we can stop that, too. At Darrell Castle & Associates, PLLC, we are on your side and will guide you through the entire process.
A real-life example of how Chapter 13 bankruptcy can stop repossession.
Here’s a story about former clients of mine, Paul and Kim, who lost their car in the middle of the night. Due to Paul losing his job they had fallen behind on car payments through no fault of their own. One day, they woke up and found their car gone. I filed a Chapter 13 bankruptcy for Paul and Kim and demanded the return of the car, which was quickly granted. I consolidated all of their debts, including the car, into a monthly payment they could afford. They quickly got back on their feet.
Like Paul and Kim, a Chapter 13 bankruptcy can help you leave financial panic and soul-crushing debt behind. Another benefit is that it can stop you from paying more than the value of your car. The courts will base your new monthly payment off of the market value of the vehicle today. This means that, if you bought a car for $20,000 but now it’s only worth $12,000, you can lower the monthly amount to reflect the difference.
Speak to a car repossession lawyer TN trusts today for FREE.
If you are facing serious financial hardship, partial payments and other short-term solutions won’t help. Only the debt reorganization that bankruptcy offers can give you the long-term relief you deserve.
That being said, time is of the essence with car repossession. If your car has been taken from you, contact me online or call (901) 327-2100 right away for a FREE consultation. We can help you get your car back before it’s too late.
We’ll make a plan to not only stop your vehicle repossession but create a brighter financial future for you and your family. Give us a call today.