If you spend your days looking out the window, waiting for the repo man, you probably feel backed into a corner. Repossession is not a pleasant experience--but hiding from the repo man isn't a solution; it's a temporary band-aid.
If you want to, you can give up your car. But if you wanted to give up your car, you probably wouldn't be hiding from the repo man! Plus, if your car is sold for less than you owe, there will be a deficiency balance which you will have to pay back to the lender. Perhaps the most frustrating part of an impending repossession is that you don't have enough time to come up with an alternate plan. How could you possibly find another mode of transportation before your car is being towed away by the repo man?
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Chapter 13 bankruptcy may just be the solution to your repossession for which you've been looking. A Chapter 13 can stop the threat of repossession and allow you time to formulate a plan to repay your car loan, including any past due payments, over a 3 to 5 year period.
What is the benefit to repaying your car loan through a Chapter 13? First, you will be paying your loan at the Bankruptcy Court's interest rate, which is typically lower than any interest rate from a lender. Second, if you've had your car for more than 910 days (about 2 ½ years), you can repay the loan up to the fair market value of your car (or the remaining loan balance, whichever is less).
You can knock down your loan payment AND stop hiding from the repo man with a Chapter 13. Plus, you have time to decide what you want to do with your car—and the rest of your debts. In the meantime, you won't have your wages garnished, creditors harassing you by phone or mail, or the repo man lurking in your driveway.
A bankruptcy law firm knows how to help you get out of debt. Don't underestimate the power of debt—it can start with a few late payments and spiral very quickly into a situation that is no longer in your control. Don't be afraid to ask for help. Doing nothing changes nothing and, if you want to dig yourself out of the hole that debt can make, you must take action.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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