Chicago Car Repossession Lawyers
If your car has been repossessed, there is still a chance that you can get it back. Our bankruptcy attorneys will do whatever we can to help you keep your car. If your car has already been repossessed, or is in danger of repossession if you were unable to continue making payments, you will want to contact an attorney immediately.
Most people chose to finance a car payment with a loan, since a car is very expensive. In taking out a loan, the buyer allows the car to be used as collateral that the creditor can reclaim if the buyer defaults on their payments. Fortuitously, having your car repossessed is not your only option. If you are no longer able to make your car payments and are at risk of losing your car, you also have the option of filing for Chapter 13 bankruptcy.
Chapter 13 helps you to develop a repayment plan for your debt in which you will set up a monthly payment plan for your past payments. Once you file for bankruptcy, your creditors are required to stop their attempts at collecting your debt. In other words, they are no longer able to repossess your car during this process.
Another option available is filing for Chapter 7 bankruptcy. Chapter 7 works differently, in that it liquidates a portion of your assets to assist in your debt payment. Chapter 7 does not allow you to keep all of your possessions, but it may help you to keep your car.
Free Consultation with a Chicago Bankruptcy Law Firm
If you are in danger of having your car repossessed, you will need to contact our expert attorneys to find out what options are available to you. For more information about your legal options, contact a Chicago bankruptcy attorney at the Law Offices of Stuart B. Handelman by calling 312-360-0500.