Are you delinquent on your car payments? If so, there is a risk that your car will be repossessed by the bank or lender. Many people are dependent on their vehicles to provide for themselves and their families. Do not let yourself get stranded over past due car payments.
Our skilled Houston repossession and bankruptcy attorneys at the Maida Law Firm can talk to you about options for saving your car from repossession.
Stop Repossession of Your Car
Our Houston repossession and bankruptcy attorneys can advise you about your options for filing bankruptcy. Car loans are typically secured debts that provide the car as security. If you fail to make timely payments, the lender can repossess the car.
Chapter 7 and Car Repossession
In a Chapter 7 bankruptcy you can stop repossession of your car as long as your payments are current and you enter into a reaffirmation agreement with your lender. If you are behind on car payments in a Chapter 7, you must provide the necessary funds during your case to bring your payment current and enter a reaffirmation agreement. Our bankruptcy attorneys will help you assess whether this is an option for you.
Chapter 13 and Car Repossession
In a Chapter 13 bankruptcy you can stop repossession of your car and put any delinquent payments into a debt repayment plan. This plan typically lasts for five years. This time period allows you to spread your delinquent payments over time in order to become current on your car payments. In addition, if you have had your car for a certain period of time, your Chapter 13 plan may allow your to continue to pay on your car for what it is actually worth, not the amount of your current loan. Our Houston bankruptcy attorneys will help you assess whether this is an option for you.
Bankruptcy, Repossessions and Your Bottom Line
You can keep your car whether you are filing Chapter 7 or Chapter 13 bankruptcy. To keep your car in either type, you must be able to make your monthly payments.
Contact our Attorneys to Stop Repossessions in Texas
Our Beaumont and Houston bankruptcy attorneys offer a free initial consultation to discuss your options for saving your car from being repossessed. Call 409-291-5117 to schedule a consultation at our Beaumont office or 713-987-3910 to schedule a consultation at our Houston office.
