Wednesday, October 28, 2015

Can Bankruptcy Stop Car Repossession?

Having a car is essential. The good news is filing a bankruptcy petition will immediately stop an auto lender from repossessing your car.

The bankruptcy attorneys at King and King will help you determine how you can keep your vehicle after bankruptcy. We will also help you obtain a fresh financial start, free of debt.

You Can Stop Repossession
Once you file for bankruptcy, the threat of repossession stops. Your attorney will discuss your options with you. These options may include:
Redemption — If you are underwater on your loan you can negotiate to obtain more favorable terms.
Ride through — Keep the vehicle and keep making your payments.
Reaffirmation — Renew your loan at the same terms.

Even if you are behind on your payments, we can help keep you in your car. Filing Chapter 13 bankruptcy allows you to repay your car loan slowly over three to five years, often with an interest rate much lower than what you already have. Filing Chapter 7 bankruptcy will give you the time you need to either get caught up on your payments or modify your loan. Your attorney will help determine which is the best option for you.

At King and King, we can stop repossession immediately and take the actions needed to help you get out of debt. Call us today at 404-524-6400 or visit us at for more information.