Work With An Experienced Bankruptcy Attorney To Help Stop Repossession
Many people file bankruptcy to stop the repossession of a car, boat, motorcycle or other asset. At the Law Office of Paul L. Urich, P.A., in Orlando, Florida, I offer a free initial consultation to explain how to stop repossession by filing an emergency bankruptcy petition.
Filing either Chapter 7 bankruptcy or Chapter 13 bankruptcy will stop any repossession under the automatic stay provision of the U.S. Bankruptcy Code. However, this stay is temporary. You will still need to sign a reaffirmation agreement and catch up on your payments to keep the asset. Filing Chapter 13 bankruptcy will give you more time to catch up on your payments – from three to five years, depending on your debt repayment plan.
Debt Negotiation Option
Another option available to you in bankruptcy is debt renegotiation. For example, if you owe $20,000 on a car that is worth $12,000, you may be able to refinance your car for $12,000. You may also be able to renegotiate the interest rate of your loan.
It’s important to act promptly to stop the repossession of your asset. Under Florida law, once an asset has been taken, you cannot file bankruptcy to get it back. It’s also important to make sure you do not miss any payments after filing bankruptcy, or your lender will have the right to make a motion to vacate the automatic stay and repossess your car, boat, motorcycle or other asset. If you had payments automatically deducted through your checking account, you should make sure that those payments were not stopped during the bankruptcy filing process.
I generally recommend that clients make payments by bank check or money order for at least six months after their bankruptcy case, as these forms of payment can’t bounce. I also recommend sending payments by certified or registered mail, return receipt requested, so that you have proof of when the lender received it.
Discuss Your Rights And Legal Options In A Free Case Evaluation
I am a debt relief agent. I help people file for bankruptcy relief under the Bankruptcy Code.