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 CAN BANKRUPTCY STOP REPOSSESSION OF A VEHICLE?

STOP REPOSSESSION – KEEP YOUR AUTOMOBILES!

You can use a Chapter 7 or Chapter 13 bankruptcy filing to immediately stop a repossession of your automobile or any other item in Indiana.  In some circumstances, for a limited time you can even have a repossessed vehicle returned to you if you file bankruptcy.

HOW LONG WILL A CHAPTER 7 BANKRUPTCY FILING HOLD OFF REPOSSESSION?

A Chapter 7 bankruptcy filing usually can stop repossession for 2-6 months, sometimes even more.  This, of course, is only if you cannot continue making payments.   If you can come up to date on the automobile payments, you can keep the vehicle forever and eventually pay off the loan.

The Chapter 7 bankruptcy case will either hold off a repossession until you receive a “discharge” (the total erasing of your debts) at the very end of your bankruptcy.  Or, you will be protected until the creditor files a costly court action to remove the automobile out of the Chapter 7 bankruptcy protection.   Either way, you will stop repossession for a considerable period of time that can allow you to make arrangements to get a new car or to come up to date on your payments.

CHAPTER 13 NOT ONLY STOPS REPOSSESSIONS – IT EVEN RESTRUCTURES YOUR LOAN PAYMENTS

We find many times from our Indiana clients that stopping a repossession is not enough: the future payments need to be lower.  Through Chapter 13, many times we can restructure the payments on your automobiles or other collateral to make them more affordable for you.  Chapter 13 also restructures missed back payments (or arrears) on your car loan so that you can pay those over time in lower monthly payments.   Bymaster Bankruptcy Law Offices can help you keep your cars.

CAN I KEEP MY CAR IF I FILE BANKRUPTCY?

Another simple question we also are asked is, “Can I keep my car if I file bankruptcy?”  The answer to that question almost every time is YES.   However, you must CONTINUE TO MAKE PAYMENTS either directly to the creditors or through the Trustee payment in Chapter 13 cases.  The only time you cannot keep a car in Chapter 7 bankruptcy is if the car is VERY new and PAID OFF: in these rare situations, your cars “paid-off” value can exceed Indiana’s bankruptcy exemptions.  But, remember that such situations are VERY rare.  You can almost always keep your cars if you file bankruptcy.

Stop Repossession, Stop Garnishments, Stop Foreclosure, Stop Sheriff Sales

INDIANA REPOSSESSIONS

BYMASTER BANKRUPTCY LAW OFFICES can stop your repossession and give you a chance to keep your car.  IF YOU WANT TO STOP A REPOSSESSION OR EVEN GET YOUR AUTOMOBILE BACK, CONTACT US FOR A FREE CONSULTATION: 317-769-2244