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My car has been repossessed! Can Bankruptcy help?

Maybe, but the timing of your bankruptcy and your behavior are critical. Once an individual filed for bankruptcy, the individual is protected by the automatic stay. The automatic stay prohibits any further collection activity against the individual. Furthermore, bankruptcy law prohibits anyone from controlling the property of the individual who filed bankruptcy.

In plain English, if your vehicle has been repossessed but not sold yet and it is insured when you file bankruptcy, your bankruptcy attorney should be able to request the creditor return your vehicle to you. If the creditor refuses to return the vehicle, your bankruptcy attorney may file a motion asking for the bankruptcy court to order the creditor to return the vehicle to you.

However, if the creditor has already sold your vehicle at auction by the time you file the bankruptcy, then your bankruptcy attorney cannot get the vehicle back for you. The timing of your bankruptcy is critical if you want your car or truck back. You must physically file the bankruptcy before the creditor can sell the vehicle at auction. Just meeting with a bankruptcy attorney is not enough. You must have filed your bankruptcy. So, if your vehicle has been repossessed, time is of the essence! Call 254-633-2876 TODAY for a FREE, no-obligation consultation.

If the vehicle has already been sold at auction, you may still want to talk to an experienced Waco bankruptcy attorney about possibly filing bankruptcy to ensure you do not owe a deficiency on the vehicle (a deficiency occurs when there is a balance on the loan after the creditor sells the vehicle at auction), you do not have a tax problem later due to the repossession, and to clean up your credit. Many individuals who file bankruptcy are able to buy another vehicles after the bankruptcy is over. While I cannot guarantee that you will be able to purchase another vehicle after the bankruptcy is over, most people do.

A recent case out of a Houston bankruptcy court also suggests that your own behavior may be considered when the court is determining your damages for the repossession. See my blog from earlier this month at http://thekehllawfirm.com/debtors-beware-bankruptcy-law-may-protect-but-your-own-behavior-may-cost/ for more information about this case.

If you are drowning in debt and need help, please call today at 254-633-2876 or email us at [email protected] for a FREE, no-obligation consultation with experienced staff. Saturday appointments are available, so call today. Welcome to your fresh start!

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