Don’t let them take your car
By: Darrell Castle
Connie is stressed out and frustrated. She’s far behind on her car payment and is now facing a car repossession so she comes in to talk to Darrell:
“So you missed you car payments, and you’re behind on your loans and now the car company is trying to take your car. Well, that is reasonable – that’s what they do when they don’t get your money. They take back their collateral, but there are ways you can stop them.
We don’t live in a system anymore that grinds people down, under the thumb, of repossession or credit. We have a system that has two chapters of bankruptcy in it that allows you to have a fresh start.
If you want to save your car from repossession, then a Chapter 13 would be the right thing for you.
In that Chapter, you can lower your car payment (lower the interest so you have a lower payment) that is maybe spread out over a longer period of time.
Your other debts, like your credit card bills and medical bills, can be included at a very affordable rate so that you can make a payment that you can afford each month and keep your car.
And this needs to be done right away to stop the repossession. If by some chance they were to repossess your car before you could get this done, then we’d be able to get it back from you, but that’s not the right thing to do because that might cost you a repossession fee or something like that and it really isn’t necessary.”
Connie is scared of the bankruptcy process and thinks it will hurt her credit.
“You’ve done the right thing by coming to see me. I know that you think doing the bankruptcy is really hard and it’s going to hurt your credit and all that, but the decision to file for bankruptcy is hard, but you’ve already made that decision – the process is really easy.
We do everything for you – you have to provide us with the information we need in order to do the case and you have to appear in court. But the process is done by us.
And once it’s finished, you won’t have to worry about these creditors anymore. You’ll just make one payment out of each payday and everything else will be done for you.
Now, I understand that you have some other problems, like you’re behind on your house note. That is a topic for another conversation but we can cover that too.”
If you have any questions or if you’re considering filing for bankruptcy, you can speak to one of our experienced Memphis bankruptcy attorneys, free of charge, by filling out the “Get in Touch” form below or by calling us at (901) 327-1212.