Don’t Let Creditors Take Your Car!

Denvil Crowe's picture

The repo man lurks behind every corner. This may be a little bit of an overstatement but he (or she's) out there. Most car lenders aren't concerned with or sympathetic to the financial problems of someone who owes them money on a loan for a motor vehicle, whether it's a car, van, truck, motorcycle, all-terrain vehicle or recreational vehicle. Your personal problems aren't their concerns. They expect you to live up to your agreement with them. If you can't, they want your vehicle.

The filing of a bankruptcy case prevents a motor vehicle lender from repossessing a motor vehicle. Also, if the lender has already repossessed a motor vehicle if a bankruptcy case is timely filed, federal law demands that the lender immediately return the vehicle if requested to do so.

Repossessions are costly. A lender that repossesses a vehicle will add on all of the costs of the repossession, in addition to the late fees and other fees allowable under the agreement you signed when you bought the car. Once sold at auction, if the creditor hasn't recovered all of the loan balance, it will sue you for the deficiency! A bankruptcy case, minimally, can eliminate the obligation to pay this deficiency.

Car lenders will not make sure that you are aware of all of your legal rights and protections. An attorney experienced in battles with all types of creditors will make sure that you are aware of all of your legal rights and protections. A Chapter 13 plan of repayment can help the owner of any motor vehicle repay missed late payments. It may also be possible to reduce the balance of a motor vehicle loan under some circumstances! More about this in future blogs! 

Denvil Crowe is the king of Tupelo's finest and most qualified bankruptcy attorneys. Whether you have a simple question or require an accurate review and analysis of all of your available options to solve debt repayment problems and alleviate financial hardship, our office is available. One consultation should provide you with a sense of relief. We can help you decide whether bankruptcy is your best option. Visit with an old friend. Call Denvil Crowe at 800-429-HELP (4357). You may also email us at Contact@denvilcrowe.com  or check us out online. Contact us today!

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