|
|
Car repossession is preventable when filing bankruptcy you can even pay less for the vehicle and reduce the interest rate of the loan. If you are behind on your loan payments do not wait until your vehicle is repossessed to schedule a FREE PHONE CONSULTATION or FREE OFFICE CONSULTATION to find out if bankruptcy is right for you. 1-877-963-9543
Meet our attorneys:
Ryan C. Wood, Partner
Kitty J. Lin, Partner
We are committed to providing you the best bankruptcy experience for a reasonable fee.
What is Car Repossession?
It is the taking back of the collateral securing the loan given to you. Under your loan agreement the loan company has the right to repossess the collateral in the event of a breach of the contract or nonpayment.
If you have missed more than one payment and the grace period is up your vehicle is in jeopardy of being repoed. If you are behind on car payments you can file bankruptcy to pay back what you owe in affordable monthly payments. In a Chapter 13 bankruptcy a plan of reorganization is filed and your vehicle payments are spread out over three to five years depending upon the length of your plan. In most cases this will significantly lower your monthly vehicle payment.
Reduce How Much You Owe on Your Loan
In addition, when filing a Chapter 13 bankruptcy, you only pay back the fair market value of the vehicle and not what is owed to your loan company at the time the bankruptcy case is filed. So if you vehicle is worth less than what you owe and you purchased the vehicle over 910 days before the date the bankruptcy was filed you can cram-down or reduce the amount of the loan. The interest rate can also be reduced depending upon your current interest rate. If you have an interest rate of around 4.75% or lower bankruptcy will most likely not be able to reduce it further.
During your free consultation with our experienced attorneys we will discuss your income, expenses and assets to determine if bankruptcy is right for you. We have offices throughout the Bay Area for your convenience.
With offices in Redwood City, San Francisco, San Jose bankruptcy, Fremont and Oakland we represent clients throughout the Bay Area including San Mateo County, Santa Clara County, Alameda County, Contra Costa County, Burlingame, Daly City, Foster City, Half Moon Bay, Millbrae, Pacifica, Redwood City, San Bruno, San Mateo, South San Francisco, Cupertino, Gilroy, Los Gatos, Milpitas, Mountain View, Palo Alto, Santa Clara, Sunnyvale, Concord, Danville, Martinez, Pittsburg, Pleasant Hill, Richmond, San Pablo, San Ramon, Walnut Creek, Berkeley, Dublin, Hayward, Livermore, Pleasanton, San Leandro and Union City.
|