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.
