Stop Car RepossessionGet My Car Back
If your car has been repossessed or creditors are in the process of repossessing it, the skilled bankruptcy attorneys at the Law Offices of Stanley J. Kakol can help. Even if you’ve already lost your car because of repossession, we can get it back for you.
We understand that you need your car to get to work, to the shops, and to fetch and carry your kids to and from school and sports events. If you don’t have your car and there is an emergency, this could have dire consequences.
Many people in Georgia are unaware that there is no mandatory grace period after the deadline for car repayments before legal repossession. Your payment could be just a day late or a dollar short and the lender could legally put your loan “in default” and start the repossession process.
While a lender would be unlikely to take this action if you are normally a good payer, it could (and does) happen to people who make a habit of paying late and/or making short payments. The worst part is that a lender can take this action with very little warning, unlike home foreclosures that take more time. A car can also be repossessed at any time of the day or night, which can be devastating.
Whatever the situation, a good Georgia lawyer can stop car repossession and make sure you keep your car.
Bankruptcy Can Stop Car Repossession in Georgia
By filing for bankruptcy on your behalf, a Georgia bankruptcy attorney will be able to get an automatic stay that will stop the lender from repossessing the car without permission from the bankruptcy court. Harassment by the creditor (lender) will also be stopped.
If the car has already been repossessed, the process will be more complicated and it will take longer – but it can be done.
If you have filed for bankruptcy in the past 12 months, the automatic stay may be limited, but a good bankruptcy attorney will know the ramifications.
Although there are two different types of bankruptcy, Chapter 7 and Chapter 13, the latter is a better bet if the issue is car repossession. The repayment plan will enable you to catch up with overdue amounts. You could also be eligible for a “cramdown” if you owe more than the car is worth and purchased it more than 30 months before filing for bankruptcy. In this instance, you can pay the lender what the car is worth rather than paying the full balance due on the loan.
A Chapter 7 bankruptcy won’t give you the opportunity to catch up on payments missed. Even if your bankruptcy attorney gets a stay, once the case closes, the lender can simply continue with the repossession process.
Kakol Bankruptcy Can Help You With Your Car Repossession
There are several ways that the bankruptcy attorneys at the Law Offices of Stanley J. Kakol can help with your repossession:
- We can stop the car repossession process before it happens.
- If your car has already been repossessed we can have it returned at no cost to you.
- We can negotiate a reduction in the interest rate for future repayments.
- If you are eligible for a “cramdown” we will be able to reduce the amount you owe.
If your car has been repossessed or the process has been initiated, our experienced bankruptcy attorneys will talk you through the options you have so you can decide what to do.
If you agree that bankruptcy is the best option, we will file immediately so that the automatic stay comes into effect straight away. Then we will contact your lender (and other creditors) to get you the breathing space you need. You might be very surprised at how quickly we can get your car back! So, call Kakol Bankruptcy right away.