Steps to Take to Get Your Vehicle Back
If your vehicle has been possessed, all isn’t lost. Following are a few options that will allow you to get your car back from the lender:
- Hire a repossession attorney.
- File bankruptcy
Other options will allow you to get your car back from the lender. But these options, like reinstating the loan, include having access to credit or huge reserves. Since the car is about to be repossessed or has already has been, these options aren’t realistic. Creditors are required to follow specific procedures with regards to repossessions, auction property, and providing written notifications. If fact, these laws are extremely difficult for lenders to follow to the letter. So many lenders may not be following correct protocol with regards to repossessions. That’s where a repossession attorney can make a huge difference. Repossession attorneys will be able to comb through your notifications and loan agreement to make sure that the lender is in compliance. Additionally, they’ll make sure that your auto sold for a fair price. It can’t be overstated enough that you should keep all documentation and written correspondence with your lender and collection agencies.
Keeping Creditors at Bay with a Bankruptcy
If you’re in the position to have a repossession, there’s probably a larger financial issue that needs to be addressed. You might want to give serious consideration to getting debt relief through bankruptcy. Based on your income and assets, you be able to file either a chapter 7 or a chapter 13 bankruptcy. Both provide debt relief, but the complete elimination of your debt will require participating in a chapter 7 bankruptcy. You’ll need to speak with an experienced bankruptcy attorney to determine your eligibility. With regards to bankruptcy and a repossession, a bankruptcy attorney will be able to stop a repossession, as well as stop your vehicle from being sold at auction. With this option though time is of the essence, and you’ll need to speak with a bankruptcy attorney while you still have options.