You Can Get Your Repossessed Car Back by Filing Bankruptcy

As a firm that handles both Bankruptcy and Auto Fraud cases, we’ve found that some of the people that call for advice on one area of law, actually should be looking at the other. In some cases, a combination of services are needed to get the results that the client is after. These situations occurs when individuals call us for help with their vehicle repossession, and want to speak with an auto fraud attorney when they actually need a bankruptcy lawyer.

Dealerships are legally allowed to repossess your vehicle for being late on payments, and they typically don’t make it easy to get your car back. This can cause financial issues to tumble out of control, as someone who was already struggling to make payments may now no longer have a way to get to work. While the immediate goal is to get the car back from being repossessed by the dealer, filing bankruptcy may be the best solution to doing so.

Most people that file for bankruptcy still have jobs with good income, and given the opportunity to eliminate their current debt to start over, are able to stabilize their financial situation. Anyone that has fallen behind on car payments or credit card statements knows how hard it can be to get caught back up.

Get Your Car Back and Save Thousands of Dollars

Simply filing for Chapter 7 bankruptcy would not get the dealer to hand the keys back over. The process associated with filing bankruptcy to get your repossessed car back can be difficult, but our Los Angeles bankruptcy attorney can help you navigate the way. You have to redeem, or buy back the car in a Chapter 7 Bankruptcy, but this could save you thousands of dollars on the vehicle.

If you own a car that has a KBB Value of $5,000, but still owe $10,000 on the car loan, you may be able to buy the car back for the value price. In this case, you would be saving $5,000! Here’s the tricky part.

In order to have the option to buy back your vehicle a motion must be filed with the court, and be ready to make a lump sum payment for the value of the vehicle. Once through with the Bankruptcy and paying the market value, you own the car free and clear.

What Our Attorneys Will Do for You

We offer excellent client services and expert advice all for free. Our firm offers free consultations, and once we have a good overview of your case, we will be able to help you move forward. Please call us today.

You Can Get Your Repossessed Car Back by Filing Bankruptcy
Rate this post
More from Bankruptcy
Back to Top