If you default on your car payments, the lender or dealer won’t wait long to repossess. You do not have to just let this happen! Filing for bankruptcy can stop repossession. Even if the “repo man” has already taken your vehicle, there may be a chance to get it back if you act fast.
If you are in danger of losing your car because of financial problems, the lawyers of Robert J. Adams & Associates can intervene. We have helped hundreds of clients in Chicago and the surrounding communities of Illinois save their cars and get debt relief.
We Can Stop Repossession!
Call us today at (312) 724-5650. Our bankruptcy attorneys can file your petition quickly to prevent repossession or get your repossessed vehicle back. Time is critical. Don’t wait another minute!
How Does Bankruptcy Help?
An auto loan is a secured debt, with your vehicle as collateral. A car title loan (title pawn) works the same way. If you don’t make your payments, the holder of the loan can repossess and take title to your vehicle.
Chapter 13 bankruptcy provides specific benefits to car owners:
- Filing for Chapter 13 stops repossession. The bank or dealership or third-party repo company cannot take your vehicle or threaten to do so.
- Chapter 13 can get your repossessed car back if you file within a day or two before the vehicle is auctioned. You will have to pay the arrears and costs.
- Chapter 13 can restructure your car loan if you owe more than the car is currently worth and you have owned the car for at least 910 days. You payments or interest rate are reduced.
- In a Chapter 13 plan, your unsecured debts are spread over several years so that you can afford your car payments.
When your car is repossessed, you may still be on the hook for the missed payments AND the remainder of the loan. If you can’t pay the arrears or don’t want the car back, Chapter 7 bankruptcy can discharge your debt to avoid a deficiency judgment.
Chapter 13 can also stop repossession of boats, furniture, appliances and electronics that were financed.
Take Advantage Of Your Options
Contact us today to arrange a free consultation with experienced bankruptcy lawyers. We have offices in Chicago (West Loop) and Waukegan.
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