It is frustrating when you have paid for years on a vehicle and you are so very close to paying it off but something beyond your control happens to put that in jeopardy. You are facing the possibility that you will need to deal with a repossessed vehicle. It could be that the car needs a major repair, you lost your job or had to be in the hospital for several weeks.
Whatever the reason may be, the lender will only care that you are unable to make your car payments and threaten to repossess your vehicle. It is frustrating to know that you may lose your vehicle, the one that you have worked for years to pay off, just because you are experiencing a small financial setback that is only temporary.
Unfortunately, this situation is more common than you may think. Many people are just a few paychecks away from losing their vehicle permanently if they are unable to find another way to deal with a repossessed vehicle. The bank with your car loan is not likely going to accept your explanation that you just need a couple of months to recover from an emergency to get caught up. The lender will likely proceed with an action to repossess the car leaving you to deal with a repossessed vehicle.
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What Can You Do To Deal With A Repossessed Car?
You can do several things if you are on the verge of losing your car to the repo man.
- Refinance the car loan – Some lenders will refinance your loan; however, you may pay a higher interest rate but you will keep your vehicle.
- Borrow money from a friend or relative. If the amount to pay off the loan is not too great, check with family and friends to see if anyone can loan you the money for a few months until you are back on your feet.
- Talk to bank that has your current car loan. Some banks do have problems to help customers in trouble. These hardship problems take a couple of payments and put them on the end of the loan allowing you to recover and begin paying your loan payments again.
- File a Chapter 7 bankruptcy case to surrender the car and discharge any deficiency debt that may remain after the car is sold. You can get rid of your unsecured debt and work toward buying a new car after you recover and rebuild your finances.
- File a Chapter 13 bankruptcy to reorganize your debts and pay the past due car payments (and probably they entire car loan) through the Chapter 13 plan, typically at a much lower interest rate.
Schedule a Free Consultation with an Experienced Mount Holly Bankruptcy Attorney
You can eliminate your debts and, in most cases, keep your car so that you and your family can have a better life. We understand that you may be experiencing fear about losing assets if you file bankruptcy. However, we can explain why you can keep your property and still find relief from your debts.
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Travis J. Richards and his staff are here to assist you with your financial problems. We focus our services on bankruptcy, debt consolidation and credit repair. We offer free bankruptcy consultations during normal business hours as well as on weekends and after-hours.
Call our office at 609-267-5297 or use our convenient online contact form to schedule an appointment today.
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