Have you received a notice that your car is going to be repossessed? We understand that without a car, getting to work or picking up your children after school can become a stressful challenge. There is a way to stop repossession. At King & King we provide personalized bankruptcy services for all types of debt relief and debt-related problems. We can help you obtain a fresh financial start.
Will My Car Be Repossessed?
When you file for bankruptcy, an automatic stay goes immediately into effect, preventing a car from being repossessed. In a Chapter 7 bankruptcy, you continue to make the payments on the loan. In a Chapter 13, a monthly payment is decided on with the court. That monthly payment is often much less than the original payment, and it can be imposed upon the lender regardless of how many months the client may have missed prior to filing bankruptcy. For many clients in Chapter 13, we are able to lower the interest rate paid on the car loan dramatically.
What Chapter 13 Can Do to Save Your Car
· Lower the payoff price of the car
· Protect your car from repossession because of the automatic stay
· Lower the interest rate of the loan
In a Chapter 13 bankruptcy, the client often only pays the value of the vehicle. Since most people owe thousands of dollars more than their vehicles are really worth, you can save a substantial amount of money using this benefit of Chapter 13.
Call King & King for a free consultation to find out whether you can save your vehicle through bankruptcy. You might also want to surrender your vehicle through a Chapter 7 and get a fresh start. You can reach us at 404-524-6400 or visit us at http://kingandkingattorneys.com/Stop-Repossession for more information.