I am having trouble paying and I need to stop vehicle repossession

 

I can now afford to pay and I need to stop vehicle repossession now.

If you are behind on your vehicle payments and you need to stop vehicle repossession now because you can now afford payments, consider Chapter 13 bankruptcy. If you are behind on your vehicle payments there is a good chance your vehicle could get repossessed. Your vehicle lender can repossess the vehicle after one missed payment. They do not have to notify you, they can just help themselves to your vehicle. If you want to stop them from vehicle repossession then you can file Chapter 13 bankruptcy and pay for the vehicle through the Chapter 13 plan. A Chapter 13 plan can pay your vehicle over a 60 month period at a lower interest rate and it will stop vehicle repossession.

There is a lot of misconception regarding Chapter 13. A lot of people don’t know the difference between the chapters and a lot of that is due to lack of education about the differences.  People may come into our offices with a misconception about Chapter 13.  Sometimes, they’re just confused between Chapter 13 and Chapter 11. There are three main chapters for individuals; 7, 13 and 11. The biggest difference is that 13 is one of the two re-organization chapters, chapter 13 and chapter 11. Both of those are re-organization, while Chapter 7 is liquidation.

Which Chapter is best for my situation?

The first thing that people have to decide is whether or not they’re going to do a chapter 7 liquidation or a chapter 13 re-organization.  Once we educate them on those differences and why one might be better than the other for them,( they all have pros and cons,) then, it’s just a matter of getting accustomed to the idea of being in a chapter 13. It is important to note that chapter 13 lasts for long time; it is designed to go on for 3 to 5 years whereas the typical Chapter 7 will take on average about six months.  And so, people have to be used to being in bankruptcy for five years, and that can be hard to accept.

A Chapter 13 Bankruptcy is Similar to Debt Consolidation. Here is how it works. 

We take your income from all sources of income and we subtract your regularly incurred monthly expenses.  At the end of that calculation, you have to have at least $100 a month left over that you can then send to the court appointed trustee and he uses that money to pay your creditors.  So, in essence, we like to think of the chapter 13 as a debt consolidation.  It puts all of your debt in one place and you pay it back over time through one central agent who is the trustee. That is how we can stop vehicle repossession now; it is a promise to pay back the debt over time, and the proceedings against us are halted when we initiate the process.

If you need help to stop vehicle repossession especially if your vehicle has already been repossessed and you need to get it back call the Law Offices of Brad Weil now at (310) 515-7799