Stop Auto Repossession
Auto Repossession in Orange County. You look outside and your car is gone. You panic, was it stolen? Well, if you are behind in the payments it might have been repossessed.
If you fall behind on your auto payments your car lender can repossess your car. You have a narrow time window to contact the lender to get the car back by paying the money you are behind and usually an auto repossession fee. As an Orange County California bankruptcy attorney with 20+ years of experience, one of the first things I ask is “is this a car you can really afford?”
Often an auto repossession is a signal that the person is having larger financial problems than just making their car payment. It may very well be that you have purchased an ‘unaffordable vehicle’ given your financial situation. Or, it may have been a prudent decision to buy the vehicle at the time, but new circumstances have evolved — or a unique temporary situation — has interrupted cash flow and the circumstances are now radically different.
Auto Repossession Coming Your Way?
If your car has not yet been repossessed but you are behind in payments it would be wise to consult with an experienced professional to find out what your options are. You might want to restructure the auto loan (and all of your other debts) by filing a Chapter 13 bankruptcy if it meets the criteria for restructuring, i.e. auto loan is old enough and certain other criteria.
Over the past 20+ years I have assisted numerous clients in either surrendering a car they could not afford in the bankruptcy or restructuring a qualified auto loan in a chapter 13. Everyone’s situation is unique, and you should not apply in general statement to your specific situation. My office is ready to consult with you to discuss your options.
It is important to note that upon the filing of a Chapter 7 or Chapter 13 bankruptcy the automatic stay, the federal injunction against collection efforts and, does not mean the auto lender cannot get the car back. If you do not make your payments and do not propose a plan to bring the car current or provide for their claim, they can seek relief from the bankruptcy court and proceed with their rights under state law. Once again, everyone’s situation is unique, and it is important to consult with an experienced professional to explore the relief available to you when confronted with an auto repossession.
Facing a Vehicle Repossession? Get Help. Call Michael Now
It is possible to head off an auto repossession. If your vehicle was just repossessed, you might be able to get it back if the lender has not yet sold it.
If your vehicle was repossessed or you think it will be, call Orange County bankruptcy attorney Michael D. Franco, for a no cost, confidential, phone consultation to find out your legal rights against this raid on personal property and to regain control over your finances.
Call for A Free Consultation (714) 252-6268 Today!