Can I Get Repossessed Car Back Using Chapter 13?
If your car, truck, motorcycle, motorhome, or other vehicle has been repossessed, and not yet re-sold, you might get it back filing Chapter 13 bankruptcy. Orange County bankruptcy attorney, Michael D. Franco might be able to help. Time is critical!
Michael D. Franco is a Certified Legal Specialist in Bankruptcy Law by the California Board of Legal Specialization. Michael has more than 23 years of experience with Chapter 7, Chapter 11 and Chapter 13 bankruptcy.
Lender Repossessed Your Vehicle Before You File Chapter 13 Bankruptcy
We have been successful in getting clients vehicles returned in many instances. First, there are NO guarantees. Second, you need to file your Chapter 13 bankruptcy quickly: a day or two. My office files Chapter 13 cases within 48 hours regularly to head of home foreclosures, vehicle repossessions, creditor court hearings and more. Third, as a practical matter, if you have little or no equity in your recently repossessed vehicle, and that is the ONLY REASON you are considering bankruptcy, it might not make sense. If you have $30,000 equity in a tricked-out Jeep Rubicon that has a street value of $50,000 and a loan balance of $20,000, filing Chapter 13 to get the vehicle back makes financial sense if you have enough income to get caught up and pay the vehicle off in the long run.
If your car, truck, van, motorhome, or boat has been repossessed and you plan to file for Chapter 13 bankruptcy, contact my office immediately.
Car Repossession and Chapter 13 Bankruptcy
The power of the bankruptcy laws. When you file Chapter 13 bankruptcy, the bankruptcy court puts an order in place called the “automatic stay.” The automatic stay is the power of law that protects individuals from creditors as it prohibits ANY ongoing debt collection action. The automatic stay applies to most — but not all — types of debts and creditors.
Many Orange County residents will take advantage of filing for a Chapter 13 bankruptcy to STOP a home foreclosure sale, vehicle repossession, and collection attempts for credit card debt and other loans.