Can I Get My Car Back After a Memphis Repossession?
Our cars aren’t only a practical necessity in Memphis – they can be a lifeline to the outside world. They allow us access to work, health care, and community. So after a repossession in Memphis, you may be understandably upset, angry, and even scared.
You may wonder if it’s too late to get your car back. And even if you could get it back, what would it cost?
As a Memphis bankruptcy lawyer, I’ve handled literally thousands of car repossession cases. Here’s what you need to know about the process, including when it’s too late to get your car back after a repossession in Memphis.
Acting Fast After a Repossession
If your vehicle gets repossessed, you have to act as quickly as possible.
The second your creditors come to take your car or truck, the countdown begins for when they can sell it. In the state of Tennessee, this timeline isn’t always clear.
Generally, you only have a few days before they’re allowed to sell it.
Your lender may send you a letter telling you that you can get it back if you pay off the entire debt. However, they aren’t required to tell you this in Tennessee, and plenty of people never receive any information about their rights or options.
We recommend you call our firm the second you think your car might get repossessed. If that’s already happened, it’s even more important to treat the situation like an emergency and contact us.
When It’s Too Late to Get Your Car Back
After a reasonable amount of time, your creditors can automatically sell your car at auction. If they sell it for less than it’s worth, they can even sue you to pay the balance.
They have to give you a reasonable amount of time to act. In Tennessee, this might be as little as a week or ten days. It could be even longer, but you don’t want to risk that. They have no reason to keep your car, so most lenders will attempt to sell it as soon as they can.
After they sell the car, you usually can’t get it back. The courts aren’t going to take the car away from the new buyer unless the creditor did something illegal. Instead, you need to take action early on and get your car back before they have the chance to sell it.
How to Get Your Car Back After a Repossession
If you need to get your car back, you have a couple of options.
First, you can pay back the debt in full. If you can catch up on your car payments right then, the company will typically give your car back. Legally, they usually have to. And from their perspective, they don’t actually want your car – they want your money.
Unfortunately, most people can’t afford to do this. That’s why the repossession happens in the first place. So if you can’t pay back the debt in full, you can stop the repossession through bankruptcy.
Chapter 13 allows you to clear the debt and keep your car. Under this type of bankruptcy, you set up a payment plan based on your personal financial situation. This keeps the monthly payments low enough for you to afford them.
Over time, after you pay into this plan consistently, the courts consider your debts cleared. You will officially own your car and be free of other debt as well.
A Memphis Repo Lawyer You Can Count On
For decades, our firm has built one of the best reputations in Memphis for exactly these types of situations. We help people who desperately need to get their cars back, and we do it with compassion and speed.
I’ve personally litigated hundreds of repo cases and overseen thousands. And we’ve come out successful, even if going in with all sorts of complications and time issues. I know the rules in Memphis as well as anyone. And when you need us, our team jumps into action, because we know how high the stakes are for you.
We’ve stayed late and worked nights to help our clients save their cars and homes. It’s how we’ve won multiple awards for client satisfaction and the highest ratings online. And we can help you, too.
To get started, call us today at 901-327-2100 or contact us online. We look forward to helping you, as we have for so many people facing repossession.