While a vehicle lender can repossess your vehicle as soon as
you are late on a payment, most lenders don’t repossess right away. They’d
usually rather have you make the payments so that they earn the interest on the
contract. Most likely your lender has the legal right to repossess, and
sometimes repossession can happen very quickly.
It’s Better to File
Chapter 13 Bankruptcy Before Repossession
Filing bankruptcy stops repossession, even if the lender has already started the process. The moment
your Georgia bankruptcy lawyer files your case, an “automatic stay” goes into
effect. This legally stops all collection efforts against you and your
property. It will halt the repossession process in its tracks and allow you to
protect and keep your car.
Getting Your Car Back
After Repossession
You
can potentially get your vehicle back after it’s already been repossessed. However,
you must act fast and speak to a bankruptcy attorney as soon as possible. You
may only have ten days to act. King & King has been helping people in Georgia gain a fresh
start for over 40 years, and we understand everyone's financial circumstances
are unique. To find out what bankruptcy will actually mean to you,
contact King & King today to schedule a free initial consultation at
404-524-6400.
