Are you struggling financially? Are you being contacted by debt collectors, threatening to repossess your motor vehicle? Or do you simply fear that this is something that will likely happen in the near future? Either way, if you’re at risk of having your vehicle repossessed, the most important thing you can do is retain the services of a dedicated Memphis, TN vehicle repossession defense lawyer who can help keep what’s yours in your possession. Contact the Arnold Law Firm Today.
Don’t face the prospect of losing your vehicle and your home without a dedicated Memphis, TN consumer bankruptcy lawyer in your corner. Our firm has years of experience helping people just like you, and we’re here to do everything in our power to get you to a more secure financial situation.
Filing Chapter 13 bankruptcy can prevent repossession of your vehicle, and it may help to recover a vehicle that has already been repossessed.
Filing bankruptcy stops the repossession process. When you file either Chapter 7 or Chapter 13 bankruptcy, the court automatically issues an order known as an “automatic stay.” The automatic stay directs your creditors to cease all collection activities, including repossession of your vehicle.
Under Chapter 13 bankruptcy, also known as wage earner’s bankruptcy, a debtor proposes a reasonable payment plan and is allowed to repay his or her debt over an extended period, generally three to five years. In the case of a vehicle loan, a Chapter 13 payment plan will allow a debtor to repay the balance of the loan in fixed payments over the course of 60 months and may limit the interest on the loan. The result is often a lower monthly payment to the lender.
Simply put, your best decision would be to speak with a bankruptcy lawyer as soon as you realize you don’t have sufficient funds to pay off your debt. The longer you wait to take action, the harder it will be to get you out of the financial hole you’re in. Waiting to file for bankruptcy will only cause the problem to snowball. Our firm can assess your situation, and, from there, help you determine the best course of action going forward.
The bottom line is that if you believe your vehicle is about to be repossessed, you should strongly consider retaining the services of a dedicated vehicle repossession defense lawyer as soon as you can. We can help ensure your vehicle, home, and more remain in your possession. Contact the Arnold Law Firm today to schedule your free case evaluation with our seasoned Memphis legal team.