It’s a situation that happens frequently: a person gets behind on his or her car payments due to debt problems. Rather than giving the person time to get caught up, the loan company repossesses the vehicle. What are your options at this point?
I am Birmingham, Alabama bankruptcy attorney Brent W. Davis. I dedicate my entire practice to helping people seek debt relief through Chapter 7 and Chapter 13 filings. With more than 20 years of experience practicing exclusively in the area of bankruptcy law, I am in a strong position to help you find a solution if your car has been repossessed or is in danger of being repossessed.
Can I Stop a Car Repossession?
When you file bankruptcy, you are protected by something known as the “automatic stay.” Basically, this means that creditors cannot take any actions to collect on any debts you owe. This bars the loan company from repossessing your car.
Can I Get a Repossessed Car Back?
As long as the car hasn’t been sold yet, you can get it back by filing bankruptcy. However, you have to act quickly.
What Happens to My Car Loan if My Car Is Repossessed?
Your car will be sold at an auto auction — probably for far less than the vehicle is worth. Whatever money the lender receives will be applied to your outstanding loan. You will still be responsible for any deficiency.
You can discharge any loan deficiency by filing bankruptcy. Bankruptcy may also provide a way for you to reduce your payments and keep your car.
Schedule a Free Initial Consultation With a Birmingham Bankruptcy Attorney
To discuss your debt situation, call me, Birmingham car repossession lawyer Brent W. Davis. You can reach me by phone at (205) 989-1919 or via e-mail. My regular business hours are 7:30 a.m. to 6 p.m., Monday through Friday, and free parking is available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.