Stop Property Repossession with Bankruptcy
Losing your property to repossession in bankruptcy can cause dramatic and even irreversible changes to your life. If you have fallen behind on payments for a car, truck, motorcycle, boat or other valuable asset, you may be in danger of immediate repossession.
Creditors can repossess your property at any time and sell it off, leaving you little recourse for getting it back. If you would like to stop property repossession with bankruptcy , call Tudhope Law today. You must act quickly as time is of the essence.
How a Repossession and Bankruptcy Attorney Can Help
Filing for bankruptcy will immediately stop the repossession of your car, boat, motorcycle or other asset(s). The “automatic stay” prevents creditors from contacting you or taking collection action against you. In many cases this gives people enough time to catch up of their past due payments. Property that is often recovered or saved from repossession through bankruptcy includes:
- Personal Items
- Motorcycles & ATV’s
Should you wish to keep an individual asset, you will need to bring all payments current and sign a reaffirmation agreement with your creditor, agreeing to handle the debt outside of bankruptcy (as if you had not filed for bankruptcy). A qualified repossession attorney can help you renegotiate your payments with the creditor so your payments accurately reflect the actual value of the asset – potentially lowering the debt amount, interest rate, and the length of the loan.
If your property has been repossessed or is at risk for being repossessed, you must act quickly. People facing foreclosure are some of the most at-risk individuals for having their property repossessed and creditors move fast. That’s why you need the advice of an experienced professional.
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