COUNTER REPOSSESSIONSFiling a Chapter 13 can possibly prevent your finance business from repossessing your automobile. Generally speaking, whenever you file a bankruptcy, a automatic stay is produced. This stops creditors from using collection actions against you, including repossessions. When the stay that is automatic in place, the sole legal means a creditor can repossess your premises is to find authorization through the bankruptcy court. This authorization is rarely provided so long as you make your Chapter 13 re re payments.
GET THE automobile BACK!If your vehicle was already repossessed, you will need to talk to a lawyer fast.
The finance business is needed to provide you with 10 days notice of the intent to market your car or truck. When this 10 period has past and your car is sold, filing a Chapter 13 will no longer result in the return of the car day. Nevertheless, filing a Chapter 13 before that 10 period is over can result in the return of the car day. After the bankruptcy is filed, we will inform the finance business. It’s usually all we can seek a court order from the bankruptcy court that it takes to get the car back, but if the finance company refuses.
Additionally it is crucial to understand that frequently cars are offered at auction for under what exactly is owed in it. Which means your finance business may auction your car down and then attempt to gather additional money away from you. For instance, if the automobile sells for $8,000 you owe $15,000, the finance business can attempt to gather the rest of the $7,000 away from you.
LEASED vehicles that are VEHICLESLeased handled differently in Chapter 13. Then a Chapter 13 can allow you to catch up by spreading those missed payments out if you are behind on the lease payments for your car. Continue reading “WHAT CAN IT COST TO SEEK BANKRUPTCY RELIEF?”