Facts About Repossession And How Bankruptcy Might Help
July 20, 2016
When you face repossession of your home or your car, you may need to declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you real estate filing bankruptcy will temporarily stop any repossession or foreclosure process.
If you have already had your car or home repossessed (foreclosed on, in the case of your house) you may still be able to get either or both back if you act right away. If you file a chapter 13 bankruptcy you should be able to keep your home and your car. If you file a chapter 7 bankruptcy you will keep both for awhile but you might ultimately be faced with repossession for liquidation.
Depending on which U.S. state you live in, and what the state laws say about the matter, the trustee of that bankruptcy may be charged with liquidating both your car and home to pay your debts.
Declaring bankruptcy can halt or at least slow down the repossession process but it should not be looked at as the ultimate cure for your financial problems. You should consult a bankruptcy attorney to learn more.
If you’d like to learn more: call us to speak directly with an attorney for a free, no obligation, consultation to see if you qualify for bankruptcy and if it is the right decision for you and your family or your business.
Wessler Law Firm is a small family owned law firm specializing in bankruptcy law since 1982.
Disclaimer: This article is meant for reference only, and is not intended to be legal advice.
For legal counsel regarding your situation, please consult an attorney licensed in your state.