Auto Repossession and Bankruptcy
If you are behind on payments for your car, the bank will not hesitate to take it from you. The moment you receive notice from the bank informing you of its plans for auto repossession, you want to talk to an experienced lawyer who can help you explore your options and save your car.
At Carmichael & Powell, P.C., our Phoenix repossessed car attorneys can help you save your car and come up with long-term solutions for your debt. With more than 31 years of experience representing people across Arizona, we understand how hard it can be to try and keep everything together as you struggle with debt. Providing you with prompt and professional counsel, we will help you find solutions that work.
Saving Your Car Through Bankruptcy
For many people, their cars are their livelihood. Without a car, you may not be able to get to work and provide basic necessities for your family. Luckily, when you file for bankruptcy, you receive an automatic stay, which puts an immediate stop to all automobile repossession action by the bank. We can help you determine which type of bankruptcy will give you the immediate and long-term relief you are looking for:
- Auto repossession in Chapter 7: The best thing about filing for Chapter 7 bankruptcy when you face auto repossession is that it will buy you time. This will give you the chance to catch up on car loan payments or find another plan. If your car is repossessed, you can include the deficiency balance in your bankruptcy filing.
- Auto repossession in Chapter 13: Similar to foreclosure, filing for Chapter 13 bankruptcy will provide you with immediate relief and a long-term plan for saving your car. It will give you the chance to negotiate with your bank, possibly cram down your auto loan, and pay pre-petition delinquent payments through a payment plan.
With a diverse and focused bankruptcy practice, we are ready to help you find a way to stop auto repossession. Contact us today to talk to one of our bankruptcy attorneys.
