Can You Stop Auto Repossession In Georgia?

If you have fallen behind on car payments, repossession can be right around the corner. Living without transportation can be challenging for you and your family. Filing bankruptcy can stop repossession. King & King can help.

Bankruptcy law in 2024 says that in both a Chapter 7 and a Chapter 13 bankruptcy, an “automatic stay” goes into effect as soon as you file. The “automatic stay” prevents creditors from continuing to pursue collection efforts against you while you are in your bankruptcy, including repossession.

It is possible to keep your car when you file bankruptcy. The key is to act fast and speak with a qualified bankruptcy attorney, such as King & King, at the first sign of financial trouble. The sooner you get a case number, the sooner collection calls and repossessions are put to a stop. We have the background you need to get a fresh financial start, and can help you organize your debts in a way that fits your budget. Call us today for a free consultation at 404-524-6400.

If I File For Bankruptcy In Georgia Will I Lose My Car?

If you are thinking about filing for bankruptcy you may be worried you will lose your car. If you do not own your car, can it be repossessed? Can it be left out of the bankruptcy? King & King is here to help.

 

 

 

 Bankruptcy Can Help You Keep Your Car

If you are filing under Chapter 13 bankruptcy, you will be able to keep your car as long as you keep making your Chapter 13 plan payments and otherwise comply with your bankruptcy plan. Under Chapter 7 bankruptcy, whether you keep your car will depend on your ability to make payments. In Chapter 7 bankruptcy, your attorney can file a “Statement of Intention” indicating whether you want to keep or surrender the vehicle. If you cannot afford the monthly payments on your car loan, then you may consider surrendering the car. The auto loan balance will be fully discharged in your Chapter 7 bankruptcy. Your bankruptcy attorney will work with you to keep your car.

 

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 mean to you, contact King & King today to schedule a free initial consultation at 404-524-6400.

Can You Stop Auto Repossession by Filing Chapter 13 Bankruptcy In Georgia?

If you have fallen behind on your car payments, repossession can be right around the corner. It can be a shock to walk out of work or your home and find your vehicle has been taken! Living without transportation can be challenging for you and your family. Filing bankruptcy can stop repossession.

In both a Chapter 7 and a Chapter 13 bankruptcy, an “automatic stay” goes into effect as soon as you file. The “automatic stay” prevents most creditors from continuing to pursue collection efforts against you while you are in your bankruptcy, including repossession.

If you file a Chapter 13 bankruptcy, you typically have three options:

Surrender your car

Pay what you owe over 3 – 5 years

“Cram down” your loan – In a Chapter 13 bankruptcy, you may be able to reduce the amount you owe on your car to its current value. This is called a “cram down.”  You may also be able to cram down your interest rate to much lower than what you have on your loan.  Your bankruptcy attorney has experience with cram downs and will be sure to use this option if possible.

It is possible to keep your car when you file bankruptcy. The key is to act fast and speak with a qualified bankruptcy attorney, such as King & King, at the first sign of financial trouble. The sooner you get a case number, the sooner collection calls and repossessions are put to a stop. We have the background you need to get a fresh financial start, and can help you organize your debts in a way that fits your budget. Call us today for a free consultation at 404-524-6400.