If you are faced with financial hardships, there is a chance that you have also faced vehicle repossession.
When someone fails to make their car payments, it isn’t long before the creditor calls and if you can’t come up with the cash, you’ll risk losing your car.
However, you may be surprised to discover that there may be legal help available for you.
First, if you are having serious financial trouble and are considering filing for bankruptcy, you should seek the advice of an experienced bankruptcy lawyer.
A bankruptcy lawyer can help you determine what strategy is best for your financial needs. Sometimes, filing bankruptcy can prevent vehicle repossession and help you create a budget plan that will enable you to repay your creditors at a pace that you can afford.
It’s important to realize that there are several types of bankruptcy that you can apply for. Additionally, the rules, laws, and filing requirements for applying for bankruptcy have changed. Therefore, it is very important to meet with a lawyer for an evaluation of your case.
There are certain rules and laws that govern how vehicle repossession may be enacted. Your best bet and first course of action should always be to talk to your creditor and let them know the financial issues you are having before it reaches the point of repossession.
Many creditors are willing to work with you. In the long run it is always more profitable to avoid repossession by arranging a viable payment arrangement until you can return to your regular monthly payment schedule.
However, if you have encountered such devastating financial hardships that there is no way to avoid a vehicle repossession, you should contact a bankruptcy lawyer and see if filing for bankruptcy is right for you.