Stop Repossession
Bankruptcy Attorneys: Belleville, IL | Glen Carbon, IL | Highland, IL
image of car being repossessed

Stop Vehicle Repossession

One of the most stressful things people struggling with debt experience is the possibility of your vehicle being repossessed. Most of us need transportation to manage our daily lives - work, grocery shopping and other activities. Most lenders would rather avoid repossessing your vehicle, and often make many threats before they attempt a repossession. Don't let this fool you - lenders WILL repossession your vehicle. Repossession companies have become very good at tracking down a vehicle's location, even when not parked at your residence or work.

We can stop the threat of repossession and take this stressful burden off your shoulders, as well as many others. When we file your bankruptcy petition, an "automatic stay" is created. This is a court order sent to the creditors listed on the bankruptcy petition. The court order mandates that all creditor activity stop immediately. This includes:

  • Repossession attempts
  • Foreclosure process
  • Wage garnishment attempts
  • All creditor attempts to collect again debt
  • All creditor contact with you in any form

As you can see, the automatic stay is a powerful tool to give you some breathing space to work with your bankruptcy lawyer on your bankruptcy plan. You no longer will have the fear, stress, worry and burden of creditors.

Alternatives to Bankruptcy

Depending on your lender and where you are in the repossession process, you may be able to work directly with the lender to avoid repossession. Many lenders are willing to work out alternative terms in order to avoid repossession. Remember, they are not in the repossession business and would rather make their money on the interest of the loan. One possibility is redefining the term of the loan. By extending the term of the loan, you can lower your payments, making it more affordable. Another possibility is to refinance the entire loan. Still another possibility is skipping a few payments if the lender is willing to add those payments to the end of your loan.

The key to these alternative methods is to proactively work out a solution with your lender. Many lenders are quite open to the concept of alternative terms in order to avoid repossession.

We know this can be confusing, especially if you have trouble paying off other types of debt in addition to your vehicle loan. Our experienced bankruptcy attorneys will meet with you free of charge and no obligation to help you learn about all your options.

We offer a FREE Consultation with a bankruptcy lawyer so you can make an informed decision about what type of bankruptcy is right for you.