Keep Your Car
If a creditor has threatened car repossession, you know that the threat is serious. Your method of transportation could be taken away. Immediate action is required in order for you to keep your property.
At the Law Offices of Phil Hineman, P.C., our attorney has more than 20 years of experience of helping people keep their vehicles. When it comes to stopping car repossession, we have found that the most common debt relief option is also the most effective. This option is bankruptcy.
How Does Bankruptcy Stop Car Repossession?
The effect of filing bankruptcy is immediate. An automatic stay goes into place, sending a message to creditors that they must cease all actions against you. This includes repossession. Both Chapter 7 and Chapter 13 can effectively stop car repossession.
Stopping repossession is only one issue. You also want to make certain that your vehicle is protected from future actions. You want to know that you will be able to keep what is yours. To do this, all of your payments must be current or you must be able to catch up by the time bankruptcy is filed.
Chapter 13 bankruptcy presents an additional window of opportunity that can help you modify your car loan payments. This is called a cram down. If you have owned your car for more than two and a half years old, and the amount you owe on it is higher than its actual value, you may be able to force the creditor to refinance at the current value.
Time is of the Essence
When considering bankruptcy, many people wait. They hope for other options. This is understandable, considering that bankruptcy is a major decision. However, it is very unlikely that other options will appear. Bankruptcy is the way out. We encourage you to take action quickly so that no options pass you by. We encourage you to get in touch with us as soon as possible so we can help you prevent car repossession.
Contact Us for a Free Consultation and Fast Action
Contact us to discuss your case with an experienced lawyer serving the Phoenix and Tucson metro areas and the surrounding parts of Arizona. You can trust us to act quickly to get you the results you need.
