How to Recover My Car Through Bankruptcy After a Repossession
Having your car repossessed after defaulting on a loan is frightening and stressful. Losing your vehicle can make it nearly impossible to get to work, further increasing your financial difficulties and creating a vicious cycle that you can’t break. However, many people who have had a vehicle repossessed can turn to bankruptcy to get their car back. While this can be a good option, it’s not the only one. It’s smart to act quickly and get advice from a knowledgeable bankruptcy attorney.
The Ohio bankruptcy lawyers at Amourgis & Associates, Attorneys at Law can help if your car has been repossessed and you need to get it back. We have decades of experience handling all kinds of bankruptcy claims, and we’ll give you the honest, straightforward advice you need. Contact our office today for a free case evaluation.
Can I File for Bankruptcy to Get My Repossessed Car Back?
It’s certainly possible. Depending on the circumstances of your case – when your car was repossessed, what type of bankruptcy you’re filing, how much you owe, etc. – you may be able to reclaim a repossessed vehicle through bankruptcy.
However, there are certain costs associated with trying to get your car back after repossession. In fact, attempting to get it back may not be your best option. Our bankruptcy attorneys can review the unique facts of your case to determine whether filing for bankruptcy is the best path forward for you.
Can Filing Bankruptcy Stop Car Repossession?
Filing for bankruptcy can help you get your car back in several ways. When you file for bankruptcy, the court initiates an automatic stay. This court order prevents your creditors from taking further legal action against you, including selling your vehicle to pay your outstanding debts. Once the automatic stay goes into effect, whoever repossessed your vehicle should be blocked from going forward with a sale.
In addition, bankruptcy can help you get a repossessed vehicle back by giving you a chance to negotiate with your lender. Under certain types of bankruptcy claims, you may be able to pay back some of what you owe and reclaim your vehicle as long as those payments don’t interfere with your ongoing bankruptcy claim. A bankruptcy attorney can tell you more about how to get a car back after repossession.
What Type of Bankruptcy Should I File to Get My Repossessed Car Back?
If you’re filing for Chapter 7 bankruptcy, you probably will not be able to get your repossessed car back. Chapter 7 is for those who are in severe financial distress. If you go to your lender after filing for Chapter 7 bankruptcy, they will likely require you to pay back all the money you owe on top of fees related to the repossession. In these cases, the costs of getting your car back after repossession may outweigh the benefits after having your vehicle returned.
In a Chapter 13 bankruptcy case, you could be in a better position to get your car back after repossession. If you can convince your lender that you will repay some of what you owe and continue making payments without jeopardizing your bankruptcy plan, you can likely get a repossessed vehicle returned to you. But taking immediate action is essential to prevent your car from being sold before you can reclaim it.
Contact an Ohio Bankruptcy Attorney Today
The Ohio bankruptcy attorneys at Amourgis & Associates, Attorneys at Law know how important getting a repossessed vehicle back is for people with financial difficulties. You’re not alone. Contact us today for a free initial consultation. We’ll leverage our extensive knowledge of bankruptcy law and debt relief to find solutions that work for you.
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At Amourgis & Associates, Attorneys at Law, we only represent consumers. We fight for regular people who have been seriously hurt in accidents. We fight for people who are being crushed by overwhelming debt and need a fresh start. We fight for individuals and families. Never businesses. Never insurance companies. We are loyal to the consumer.
