Repossessions

Repossession can damage your ability to pay your bills.

You need your vehicle to get to work. Learn more about how bankruptcy can help you keep your vehicle if you fall behind on payments.

How Does Your Property Get Repossessed?

When you signed your auto loan to buy your car, you used your vehicle to secure the loan. If you are unable to make payments, your car loan is at risk of default which could put your vehicle at risk of repossession.

After your vehicle is repossessed, the creditor will attempt to sell it to satisfy your loan and often the amount they recover will not be enough to satisfy the balance of your loan. One of the mistakes people make when their vehicle is repossessed is that once the vehicle is gone, they assume that the loan is paid. This is unlikely and the creditor may go to great lengths, even suing you, to receive the deficiency on the loan after the sale of your vehicle.

It Is Important To Understand Your Rights

  • Your creditor cannot enter locked private property to repossess your vehicle, but they can have local law enforcement serve and confiscate your vehicle.
  • Your creditor cannot use threats or coercion when attempting to recover your vehicle.
  • Your creditor cannot confiscate or sell any personal possessions.

Worried about losing your vehicle?

Stop the repossession of vehicles with an automatic stay.

How To Handle Repossession

If you are having difficulty paying your car note, you are likely having other debt issues, such as high credit card debt or medical debt. If you believe your vehicle is in danger of being repossessed, contact Toscano & Wilson. If you act quickly, the automatic stay when you file a Chapter 13 bankruptcy can stop your vehicle from repossession or get a recently repossessed vehicle back into your possession.

Chapter 13 can be used to adjust your payment amount and even the interest rate of your auto loan. If the loan meets certain conditions, the amount you owe can be lowered to the current value of the vehicle. Contact Toscano & Wilson for a full analysis of your situation to see if chapter 7 or 13 would be a benefit to help you with a past or future repossession situation.

Contact Us

The legal experts at Toscano & Wilson understand what you are going through. Bankruptcy may seem like the end, but the truth is it is simply a new beginning. Through competent and compassionate legal representation with Toscano & Wilson, things can only get better. Give us a call, tell us your story, and start to feel better about your financial situation.

  • The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, messages, and emails. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until an attorney-client relationship has been established.

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