Falling behind on payments for any type of vehicle happens to the best of us. Sometimes life deals you adversity that you didn't expect. It may start with an unexpected medical bill, or a work related layoff or some situation that no one plans for in the budget. Trying to explain your situation to your loan company doesn’t help. They are in business for one purpose, to make money. Unfortunately, they are not going to tell you your legal rights in this situation. Most people think they are fine as long as they are not more than two months behind on the payment. The truth is that your car can be repossessed if you are even one day late on a scheduled payment. Once the lender has you car, under law, they can sell it and use the money to pay off your debt. What they won’t tell you is that there are federal laws to protect you in these situations. Federal Laws allow you to keep your car, 100 percent of the time, if (1) you file a Chapter 13 bankruptcy, (2) you need the car, (3) the car is not an unreasonably high priced vehicle, and (4) you can afford to pay your required Chapter 13 plan payments. Doyaga and Schaefer will do all in our power to help you keep your vehicle. However, sometimes a car is not worth keeping or the car is an extra car you cannot afford. Using bankruptcy in these cases, we can rid you of the car and the entire debt. In other cases, we can help you get rid of the car, and substantially lower the amount you still owe on the car. This can be a tremendous help and a great first step in getting you into another car you can afford. You have a choice. Doyaga and Schaefer can stop the bill collectors calls and stop the â€Repo-Man†from taking your vehicle. This all happens as soon as your bankruptcy case is filed. But until you file, there is no protection. If you are behind on your vehicle, act now to find out your options before the â€Repo Man†finds you. This negative experience can turn into a blessing in disguise. The federal laws allow you options to stop the repossession of your vehicle and pay the dealer nothing, by filing a Chapter 7 bankruptcy case. You can also file a Chapter 13 bankruptcy case, but only lower your payments to the loan company. Once you get back on the right financial track, it will be that much easier to get back in the fast lane. Start over and free yourself from the debt of vehicle payments by assessing your options. Some people may be too deep in debt for any of the above solutions to realistically work for them. That’s when bankruptcy is a good option. Unemployment, garnishments, and repossessions can happen to anyone. When bad things happen to good people, a Queens bankruptcy lawyer at Doyaga and Schaefer are here to help. Stop the harassment, the worry, the financial stress. For a free same-day consultation, call 718-488-7500 or 516-656-7500, or visit our website at bigapplebankruptcy.com for more information.
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