Your car has been repossessed

If your car or truck has been repossessed, you need to act quickly, to keep the vehicle. You should immediately contact the lender and request the amount to ‘redeem’ the vehicle. This is the amount you need to pay to regain possession of the vehicle. The lender must provide you with the amount to redeem the loan and get the vehicle back. This amount may only be the missed payments and the repossession fees. The redemption amount may also be the entire loan balance.

If you contact your lender, and you do not have enough money to redeem the loan, you should immediately call me. I can help you get your car back by filing a bankruptcy. Filing a Chapter 13 bankruptcy will stop the lender from selling your car, and gives you an opportunity to create a payment plan, so that you can keep the vehicle. Depending on your situation, the Chapter 13 plan can reduce the interest rate you pay, and the plan can also reduce the amount you pay for your car. By filing a Chapter 13 you may save a large amount on your vehicle payments.

If you do not want your vehicle back, it still makes sense to give me a call. When the bank sells your vehicle, if it receives less than the loan balance, you will be responsible for the difference. This is called a deficiency. Banks are very aggressive in pursuing deficiencies. Banks frequently enter judgments within 6 to 12 months of the vehicle being sold. If this happens, you can have your wages garnished for a car that you no longer have.

Please contact me and I can help you avoid this situation.