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.

Are Creditors Trying to Take Your Car or Property? There Is Something You Can Do.

One of the most stressful aspects of dealing with debt you can’t repay are the debt collectors trying to get money from you. Sometimes, these efforts can also involve attempts to collect on debts by taking your property. Repossession is when a third party can legally take your property to repay a debt.

How Does Repossession Work?

Repossession can happen when you are behind on your payments for your car, furniture or other items bought on credit. Here are a few aspects of repossession it can be helpful to understand:

· Repossession can start as soon as you default on your contract, missing even a single payment in some cases.


· In most cases, your creditor will not need a court order to start repossessing property.


· Once the property is seized, it is difficult, but not impossible, for the borrower to reverse the situation.

Bankruptcy may be an option. A Chapter 7 Bankruptcy will temporarily stop your lender from being able to repossess your vehicle and may provide you with sufficient time to make a payment to bring your account current. A Chapter 13 Bankruptcy may also be an option. Chapter 13 would allow you to keep your vehicle and catch up on the back payments by repaying the amount you’re behind over a 3 to 5 year period.

The threat of losing your property is frightening. But you have options! By filing for bankruptcy, you may be able to make the repossessionstop by putting bankruptcy’s “automatic stay” to work in your case.

Call King & King at 404-524-6400 to schedule a consultation to discuss your repossession situation with an attorney – the evaluation of your case is free.

Can I Stop Repossession If I File Bankruptcy in Georgia?

If you are struggling with debt and unable to make payments, your creditor may try to repossess your car. There are things you can do to stop car repossession. The bankruptcy attorneys at King & King can explain your options and help you keep your car.

Can Bankruptcy Stop Repossession?

Yes. When you file bankruptcy, your creditors cannot repossess your car provided you agree to make payments. By filing Chapter 13 bankruptcy, your debt will be reorganized and reduced, and you will have the chance to repay that debt over a period of time.

Bankruptcy can also stop:

Wage garnishment

Lawsuits by creditors

Foreclosure

Other collection actions

My Car Has Been Repossessed. Can I Get It Back?

In most instances, if your car has been repossessed by a creditor, but has not yet been sold, you can get it back by filing Chapter 13 bankruptcy, but you must act quickly. Usually, creditors will hold the car for 10 days. If bankruptcy is filed before the creditor has resold the car, you should be able to get it back.

If you’re behind on your payments, contact the bankruptcy team at King & King to learn about your options. Facing repossession and other collection tactics can be frightening, but with the power of the bankruptcy code on your side, it doesn’t need to be. By choosing an experienced bankruptcy law firm, you can protect your valued property and stop debt collectors in their tracks. Call King & King today for a free consultation at 404-524-6400 or visit us online at www.kingandkingattorneys.com

6 Unexpected Benefits of Filing Bankruptcy In Georgia

You’re likely considering bankruptcy because you need financial relief. More to the point, you need immediate relief from debt collection pressures. You need long-term relief from having to pay debts you can’t handle. Bankruptcy provides both immediate and long-term relief. Filing bankruptcy in Georgia can give you immediate and long-term relief from your creditors.

Bankruptcy can often also give you some other rather amazing benefits, beyond the basic relief you expect. Here are six unexpected benefits of bankruptcy:

1. Get Back Money Recently Garnished By a Creditor

Through “preference” law, you could get back money that was recently garnished by a creditor. 

2. Undo Judgment Liens on Your Home

Through judgment lien “avoidance” you can often permanently remove a judgment lien, a tremendous practical benefit.  

3. Reinstate Your Driver’s License from Failing to Pay Tickets

Reinstate your license if it’s been suspended for unpaid traffic infractions.

4. Get Back Your Just-Repossessed Vehicle

Filing bankruptcy not only prevents vehicle repossession. You may be able to get your vehicle back after it has been repossessed.  But, you must act quickly.

5. “Cram down” and Change the Payment Terms of Your Vehicle Loan

If your vehicle loan is more than two and a half years old, you may be able to reduce both your interest rate and the amount you have to pay back on the loan.  You can reduce the total amount to the value of the car, not the outstanding balance on the loan (often much higher).  This is called “cram down.”

6. Get Out of Your Vehicle Lease through Bankruptcy

Leasing is often an efficient way to have a vehicle short-term, but is actually usually the most expensive long-term. Bankruptcy can be the best way to get out of this expensive obligation.

If you are thinking about filing bankruptcy, the first thing you need to know is that you’re not alone. The compassionate and experienced bankruptcy lawyers at King & King will help you through the bad times and plan for much better times. Call us at 404-524-6400 for a free consultation today or visit our website at kingandkingattorneys.com for more information.

How Can Bankruptcy Stop Your Car From Being Repossessed?

This can be a difficult time of the year for many families. You may be having trouble paying your bills, but you still want your family have a great holiday season. This may mean you spend more money than you should, and suddenly it’s easy to find you are facing serious debt problems. There is help.

First, be careful about how you approach your financial situation. Certain car creditors may be more aggressive than others. If you miss a car payment, the lender may repossess your car, which can make a difficult financial position much worse.

If your car is repossessed, the lender can sell the car and use the money to pay off the balance of the loan. If more funds are still owed, the lender can sue you for the outstanding amount. This means you may still be making payments on a car that you no longer have.  Your wages can also be garnished in this situation.

If you find yourself in this situation you have options. You can work with your lender to try to find a more manageable payment schedule or other type of loan modification. You can also take advantage of bankruptcy.

Under the “Automatic Stay” in Chapter 13 bankruptcy, any collections or repossession actions against you must stop. This allows you an opportunity to design a plan to meet your financial obligations, including car payments. You will be able to keep certain property, including vehicles, which is extremely helpful.

Filing bankruptcy means you can keep your car and start on the road to a better financial future. The experienced Georgia bankruptcy attorneys at King & King will analyze your specific situation and help you develop a plan that meets your needs. Call us today at 404-524-6400  for a free consultation.

Is It Better to File Bankruptcy Before or After Car Repossession in Atlanta?

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.

How Can I Stop Repossession In Georgia?

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.

Can I Keep My Car If I File Chapter 7 Bankruptcy In Georgia?

You can keep your car, if your bankruptcy schedules exempt the equity value in your car and you keep making your payments in time during the course of the of your bankruptcy case. The exemptions necessary to keep your car are complex and must be filed properly. The experienced bankruptcy attorneys at King & King can explain the process and help you keep your car.

Most people can keep their cars in bankruptcy with little worry. Bankruptcy laws protect property that is needed to start over once your debt is wiped out. A car is one of the basic pieces of property you need to rebuild your credit, stay employed and take care of your family.

A big worry for most people considering bankruptcy is what will happen to their car. The purpose of bankruptcy is to give you a fresh financial start, and the law recognizes that to have a fresh start, a debtor usually needs a car to survive.

Of course, if your vehicle payments are unduly burdensome, you could stop making them, file chapter 7 bankruptcy, and any balance owed to the lender should be discharged.  Relief from the automatic stay will typically be granted to the lender upon the filing of a motion and, after entry of an order, repossession can quickly follow.

Call the bankruptcy attorneys at King & King today for a free consultation. We will help you to a brighter financial future 404-524-6400 or visit us online at www.kingandkingattorneys.com

Should I File For Bankruptcy In 2017?

Bankruptcy can be an excellent way to get a fresh start and a brighter financial future. If your debt is holding you back from pursuing your dreams or even just living a normal, stress-free life, you may want to consider filing for bankruptcy in 2017.

Here are some things to consider as you make your decision.

What Debts Worry You The Most?

Bankruptcy is effective on most types of debts. Before you file, you will want to discover if you can find debt relief with chapter 7 or chapter 13 bankruptcy.

If you are primarily burdened by credit card debt, medical debt, or other types of unsecured debt, Chapter 7 provides an excellent option for completely eliminating your debt. Another perk is as soon as your attorney files your case, the debt collectors will have to stop contacting you and instead go through your attorney.

If you are more worried about secured debts such as your mortgage or car payment, Chapter 13 can help. Chapter 13 can bundle these payments together with any unsecured debts you may have, allowing you to make one single payment per month as part of a 3 to 5 year court-approved repayment program. At the end of the program you will have the rest of your unsecured debts cleared and still get to keep the majority, if not all of, your property.  In many of these cases, you pay 0% of the debt owed to unsecured creditors, and they are wiped out, just like in a Chapter 7.

If you have student loan debt, back alimony, child support, or back taxes less than 3 years old, contact King & King to see if bankruptcy is right for you.

King & King has been helping people in Georgia for almost 40 years. If you are ready to take back your financial future, call us today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

How Fast Can I file For Bankruptcy In Georgia?

If you’ve found yourself facing a lawsuit, your wages are being garnished, your car is about to be repossessed, or even worse you receive a foreclosure notice, it’s not too late. When you contact King & King, we can take fast action to put a halt to those procedures.

We offer legal assistance that you can trust to get you out of debt and secure a clean slate. An emergency bankruptcy filing is done very quickly. Perhaps your home is in foreclosure and the sale is days away, or the repo man is circling the block. Certain forms must be filled out and filed quickly in order to create an “automatic stay.”

An “automatic stay” means that your creditors are informed immediately of the filing, at which time they must cease their attempts to collect their money or property.  This is a great reason to hire a qualified bankruptcy attorney. King & King has the efficiency and experience needed to take quick action on your behalf.

King & King bankruptcy attorneys can help stop foreclosure, repossession and wage garnishment, fast.

Your attorney will work personally with you to determine the best solution for your case. An emergency filing can stop your home from being foreclosed upon, or prevent your car from being repossessed. We will listen to you and guide you through the best option for handling your debt.

Call us today at 404-524-6400 for your free bankruptcy evaluation or visit us online at www.kingandkingattorneys.com for more information.