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Many people live in fear of the repo man. They're looking over their shoulders trying to make sure that someone isn't tailing them in order to repossess their vehicle. This obviously is not a good way to live.
Are you in that position? If so, bankruptcy may be your salvation. Depending on whether it makes financial sense to keep your car, chapter 7 or chapter 13 each offer benefits.
If you owe more on your car than it is worth, chapter 7 bankruptcy may be the best out for you. This would include returning the car but would enable you to start over with a new vehicle where you wouldn't be upside down in your loan or that you would be able to pay cash for and not worry about any loan. Some people think that when a person files bankruptcy that they will not be able to get credit for 10 years. That is simply not the case. In many situations a creditor is willing to offer credit immediately after one has cleared his/her debts through bankruptcy. The key is that they see a blank slate. Be warned however, the terms of the credit won't usually be the best available. Although, you will have a chance to rebuild your credit.
For a person who is filing chapter 13, they can have the option of saving their car if they want. If you can afford the payments (restructured if needed), if you need the car and if you didn't pay too much for it, filing chapter 13 bankruptcy can save the day if you want.
How to approach this issue is going to depend on your big picture. The chapter 13 route may make sense for the car but not the rest of your situation. Discussions with bankruptcy attorney Paul Strouse will help determine the appropriate plan of action.
Filing bankruptcy can stop the repo man. That is one of the key benefits. It is just a matter of how to proceed from there.
If you've thought that nobody can help you out of your troubles, you are not alone. Call us today for a FREE discussion with one of our attorneys on how we can help you!
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