Repossession can leave property owners feeling lost and hopeless. The burden of having a vehicle repossessed not only can leave a bad mark on your credit but may add to financial stress for you and your family. You may be looking towards bankruptcy for help and wondering if bankruptcy can stop car repossession. Filing for bankruptcy may be able to help lighten the burden of car repossession, stop potential repossession, or get your vehicle back.

Having an attorney that knows your bankruptcy case and financial situation well may make a difference when it comes to repossession. John Dunlap is an experienced attorney who has worked with many bankruptcy cases involving car repossession. 

Call today for a free 30 minute session to discuss your situation and learn if we can help stop car repossession.

How does repossession work?  

When you buy a car and miss your car loan payments, creditors have the right to repossess the vehicle. Creditors can reclaim ownership of the vehicle if it is not paid off when you miss car loan payments. Although car repossession is one of the most common types of repossession, repossession can also be used for other items purchased with credit, including jewelry.

While not impossible, getting a repossessed vehicle back or stopping creditors from repossessing a vehicle can be difficult to do alone. An experienced attorney may be able to help you get your car or other assets back or find a way for you to keep them through a bankruptcy filing. 

Can bankruptcy stop repossession? 

In some cases, an automatic stay may allow you to stop a repossession from happening. When an individual files for bankruptcy, the automatic stay is immediately put into effect, stopping lenders from taking the vehicle. An attorney may be able to help you with the automatic stay and stop lenders from collecting on any owed debts. Acting quickly can be important to your case if you want to try to keep property from being repossessed. 

If you know your vehicle is at risk for repossession, filing for bankruptcy may stop the process. Contact our bankruptcy attorney today to learn about your options and start the process of filing bankruptcy. 

My Car was Repossessed. Can filing bankruptcy get it back?

If your car was repossessed before filing for bankruptcy, you may have a chance to get the vehicle back if you act quickly. Calling an experienced bankruptcy attorney immediately after repossession may help you get your car back.

Once the vehicle is repossessed, it may be put up for auction to pay the car debt off. Once the car is sold, there is no getting the vehicle back. However, you may have a few days before your vehicle is auctioned. A court order that shows that you have filed for bankruptcy may be able to stop a car repossession auction.

Attorney John Dunlap has experience helping stop car repossession by helping clients file bankruptcy as quickly as possible. Call today for your free 30 minute strategy session.

Car repossession and Chapter 7

If your car was repossessed and you file a Chapter 7, the automatic stay goes into effect, stopping lenders from taking the vehicle. However, a lender may be able to make a request to repossess the vehicle even during a Chapter 7. The automatic stay may be a temporary time saver in that case and may only buy you more time to make payments on the vehicle.  You may still be at risk of repossession. 

We work with clients to help them identify the best strategy for their financial situation during a free 30 minute strategy session and if filing for chapter 7 bankruptcy is the best option to help them keep their vehicle from being repossessed.

Car repossession and Chapter 13

Although Chapter 7 has the same automatic stay option when you file for bankruptcy, elements of a Chapter 13 may be different when it comes to repossession. Chapter 13 allows you to make up some of your debts through a repayment plan approved by a bankruptcy court. If you cannot make payments on your car and are in fear of it being repossessed, then Chapter 13 may be able to help. 

If you file for Chapter 13 before your car is repossessed, automatic stay may stop the repossession. Once your repayment plan is approved, your car payments may be included within the payment plan if you choose to pay off the missed payments. Filing chapter 13 may not only stop repossession but may also allow you to make lower car payments over a longer period of time for more manageable payments. 

We work with clients to help them identify if chapter 13 is the best path forward for their finances and if they qualify for chapter 13 bankruptcy. Call today to speak with our bankruptcy attorney in a free 30 minute strategy session.

How a Bankruptcy Attorney May Help Stop Car Repossession 

Car repossession can seem like a nightmare. Having an attorney that is familiar with your case may be able to offer some relief and potential solutions when it comes to vehicle repossession. 

An experienced bankruptcy attorney can help you not only decide if filing for bankruptcy is right for your financial situation but help you determine the best path forward for keeping your vehicle. If your car is necessary for you to keep your job, talking with a bankruptcy attorney as soon as possible may help you make decisions about your finances and get you on a path towards financial success.

Don’t wait too long to act, give us a call today for a free 30 minute bankruptcy strategy session.