Bankruptcy Can Stop a Car Repossession
If your car, truck or motorcycle is at risk of repossession, Bankruptcy may provide the relief you need. While Bankruptcy is not the right answer for everyone, it has helped millions of people fight adverse creditor actions such as an auto repossession.
Through a Chapter 7 or Chapter 13 bankruptcy, you may be able to save your vehicle from repossession. If you live in Southern Nevada and need to speak with an experienced Bankruptcy Lawyer, contact the Law Office of Rodney K. Okano.
Stopping Auto Repossession With Chapter 7 or Chapter 13 Bankruptcy
Upon filing for Bankruptcy, under either Chapter 7 or Chapter 13, creditors are prohibited from repossessing your vehicle without Bankruptcy Court permission. Under Chapter 13 where a plan to cure past due payments are proposed, the Court will generally not give the creditor permission to repossess the vehicle. However, in a Chapter 7, the Court will generally give creditors permission to repossess the vehicle if the payment is not current.
Chapter 13 — Reducing the Balance Owed on Your Vehicle
If you financed your vehicle, the chances are that you are upside down on it, that is you owe more than it is worth. Chapter 13 Bankruptcy may allow you to pay the fair market value of your vehicle regardless of how much is owed. If you purchased your vehicle over 910 days prior to filing for Chapter 13, this option may save you thousands of dollars.
We may also cure any past due payments on your vehicle. Under Chapter 13, we will propose a plan to repay any past due payments over the course of 3 to 5 years.
Chapter 7
In a Chapter 7, clients are allowed to retain their vehicle and continue to make the regular monthly payment. If the client no longer wishes to retain the vehicle, the client may surrender the vehicle in full satisfaction of the debt under Chapter 7.
We can even explore purchasing your vehicle from your creditor for the value of your vehicle regardless of how much is owed on it. This option is called redemption.
Contact Us
To speak with Las Vegas Bankruptcy Attorney at our firm, call 702-979-2903 or contact us by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
