Can I Check If A Car Has Finance On It Can Bankruptcy Help Prevent My Car From Being Repossessed?

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Can Bankruptcy Help Prevent My Car From Being Repossessed?

According to The Washington Post; “A record 7 million Americans are 3 months behind on their car payments” – February 2019 That headline says it all. In other words, if you’re filing for bankruptcy and have missed your car payments, but still want to keep your car, you’re not alone.

The Credit Union Journal has a recent article in the May 2019 edition titled; “By Avoiding Subprime Auto Loans, Are Credit Unions Avoiding Their Roots?” It turns out that auto loan defaults are once again at record highs. This is a nationwide problem for lenders, and not just locally here in Ventura County or Los Angeles County.

There are legal remedies you can implement to prevent your car from being repossessed. Many consumers don’t realize that in both Chapter 7 and Chapter 13 bankruptcy, you can temporarily prevent your lender from repossessing your car. This is because during the bankruptcy process the court issues an “Automatic Stay” that prohibits and prevents the lender from repossessing your car. The lender can ask the court to remove the “automatic stay” and if the court agrees, the lender can take possession of the car anyway, but this temporary stay may be all you need to get the lender’s attention to work with you and your lawyer. a modified repayment plan.

The best way to handle this situation is to be in contact with your car lender, and it is best to do this through a bankruptcy attorney, as it carries more weight. It also prevents the lender from trying to intimidate you. Your attorney can renegotiate the terms and help you set up a new payment structure, allowing you to keep your car in bankruptcy.

Consider if you want the lenders don’t really want to repossess the cars, they’re not in the car business, they’re in the loan business, they just want to get paid, according to the original agreement. If they realize that’s not going to happen, they’ll weigh their options and consider what’s best for them. Perhaps a reduced interest rate, reduced balance or renegotiated terms are better for the lender than a repossessed used car with a low resale market value due to wear and tear and depreciation. Lenders do not want to lose more money than they have to.

Another important point to remember; ‘automatic bankruptcy’ is only temporary, and if you haven’t made the payments on time, once your case is closed, you can expect the lender to ask for the car back or repossess it. Also note that the stay is only good during the bankruptcy process which for Chapter 7 lasts about 3 months.

What is the best way to avoid car repossession during bankruptcy court proceedings?

  • Make the payments

  • Recover lost payment

  • Create a repayment plan, ask the court to approve it

  • Stay in touch with the lender through your attorney

  • Ask for help, perhaps paying interest on just a couple of payments

  • Renegotiate the Car Loan

  • Ask the court if you can get your car back for its fair market value (Redeeming Your Car Under Chapter 7 of the Bankruptcy Code).

  • Ask Your Bankruptcy Attorney About “Cramdown” Strategies in Chapter 13 Bankruptcy

What can you do if your car is repossessed before the bankruptcy filing date?

Ask your bankruptcy attorney to help you come up with a repayment plan so the lender can get the missed payments. If this has happened to you and your car has already been repossessed, don’t delay. Call your bankruptcy attorney now! That’s probably the best advice of all.

Summing it all up!

You need to know your rights and understand your lender’s motivations. You need a good, solid bankruptcy attorney working for you, one who has dealt with local creditors here in Ventura and LA County. A lawyer who gets it and has decades of experience. With the right strategy, you’ll be able to keep your car, avoid humiliation, and avoid losing your transportation. After all, we live in California and you need a car.

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