STOP REPOSSESSIONS!

Keep Your Car Or Truck!

Is your Vehicle about to be repossessed?

Bankruptcy can save your car or truck from repossession!

Have you fallen behind with vehicle payments? It happens to the best of us. Trying to explain your situation to the Loan Company is useless. Loan companies are not interested in your personal situation. They are in business to make money. The terms of the loan must be met or they will either take your money or they will take your car / truck / SUV / motorcycle / or RV.

Federal Laws were created to protect you in situations that concern your budget, that cause you deep emotional stress, or that leave you with too many bills to pay.

When a bankruptcy petition is filed in the bankruptcy court, all creditors are immediately stopped from any further attempts to collect debt. This particular provision of the bankruptcy code is called the “Automatic Stay“. The Automatic Stay is an automatic order from the bankruptcy court issued upon the filing of a bankruptcy petition to all creditors. Upon the filing of the bankruptcy petition, creditors must stop debt collection efforts including vehicle repossession.

If you live in or near San Antonio Texas, call me for a free consultation.  Put the "Automatic Stay" to work for you.

Most vehicle repossessions do not occur until a debtor is at least two months behind in vehicle payments. After car payments have become two months delinquent, a person is in serious jeopardy of car repossession. Filing a chapter 7 or chapter 13 bankruptcy can stop the threat of vehicle repossession instantly.

Differences Between Chapter 7 and Chapter 13

If a debtor files a chapter 7 bankruptcy to avoid repossession, the debtor will have to make arrangements with the creditor to bring all payments current after the bankruptcy has been filed. A chapter 7 debtor will have to sign a reaffirmation agreement and maintain all payments after the bankruptcy if the debtor wants to keep the car.

If a debtor files a chapter 13 bankruptcy, the repossession will be stopped and the debtor will have an opportunity to repay the value of the car to the creditor through the chapter 13 plan. Chapter 13 is very advantageous to the debtor who owes more on a car than what the car is worth. Chapter 13 plan payments can lower car payments on car loans where the debtor owes more than the car is worth.

So a chapter 13 can actually be more advantageous than a chapter 7 depending on your situation.

Do you have too much debt? Do you know the best course to take?  Call me.  I can help. I offer a free initial debt consultation. There is no shame getting sound legal advice. Your first visit is always free, and always confidential. If you live in or near San Antonio, TX, call me today at 210-930-7000.