By: Darrell Castle
Obviously if the repo man comes and repossesses your car, that means you owed some money. You weren’t making payments and fell behind on your bill.
But when exactly can a repo man come and take your car? And how can he do it?
When Do Car Repossessions Happen?
When you default on your car payment — or fail to make a payment — your creditor has the right to repossess it. Whether you missed one payment, two payments or three. It doesn’t matter. Once you fall behind, the creditor has the right to take it back.
And here in Tennessee, there’s no real legal process. We have what is called “self help repossession.” The creditor — or a hired repo man — can come and take your car without any court order if you’ve defaulted.
How Do Car Repossessions Happen?
As I mentioned above, the creditor herself can come and repossess your car. Or, she can hire a repo man to come and get it.
The creditor does NOT want your car. She wants your money.
However, the repo man DOES want your car. That’s how he gets HIS payment.
That means once the repo man is hired, he’ll do all that’s in his legal rights to get your car. But he has to keep the peace, and I talk about that in the video below.
Filing for Bankruptcy to Stop a Car Repossession
If you don’t want to lose your car, you don’t have to. By filing for Chapter 13 bankruptcy, you can lump your debt — including your past-due car payments — into a debt repayment plan. For 3-5 years, you’ll make AFFORDABLE payments to this plan.
Once the plan is complete, the remainder of the debt you were paying will be discharged, you’ll still have your car and it’ll be completely paid off!
You’ll also have a fresh start, creating a great opportunity to begin rebuilding your credit score to a desired rating. And we offer a free program to our clients to help with that.
Want a FREE Bankruptcy Consultation?
Are you behind on your car payment? Call (901) 327-2100 today to schedule your appointment.
For decades, our bankruptcy attorneys have helped people get out of debt and onto a better life. We want to help you too!
We’re detailed, informative and really care about our clients. And they’ll tell you that too.