Prevent Repossession When An Installment Loan Gets Out Of Hand
A car loan has one important thing in common with a boat loan, a home mortgage and other installment loans attached to large items of value: the possibility of repossession. An auto loan typically creates a lien on the vehicle. This means that if you do not repay the loan, your car may be repossessed. When a car or boat is repossessed, it will be taken away from the person who was making payments on the loan. (A home, on the other hand, is repossessed through foreclosure, and the mortgage holder may be evicted.) If your car is repossessed, you will lose your No. 1 mode of transportation. All that you have invested in the car so far will be gone with nothing to show for it.
To keep all your options open, talk to a bankruptcy attorney as soon as possible, no matter what your circumstances. I am lawyer April Perry Randle, and I am available to evaluate your case. Call my Chattanooga, Tennessee, law office at 423-464-6908 to schedule a consultation about your car or house loan problems and how to protect your car or house from being repossessed.
A Chapter 13 Filing Can Help You Keep Your Property
Many people in troubled car loan problems have found an answer by filing a Chapter 13 bankruptcy. A bankruptcy can put debt management back within your reach while allowing you to keep your vehicle. A creditor will be barred from repossessing your car, boat or house if you file bankruptcy in time.
Occasionally, a creditor will defy a bankruptcy notice and repossess a car illegally. Prompt legal action can get your car back if this happens to you.
What If A Creditor Already Repossessed Your Car Or Boat Unreasonably?
Perhaps you were a few days late on loan payments – maybe more than once. Or perhaps your ex-spouse did not make payments as ordered in a divorce decree. You may have stayed in touch with the creditor and received verbal reassurance over the phone that you were not in trouble – but then a wrecker arrived and hauled your car or boat out of your driveway. A repossession defense argument may enable you to reclaim your car or boat if you act fast enough.
Contact Me For A Consultation To Discuss Your Options
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.