repossession attorney near me
While many assets can be subject to repossession, most of our clients are dealing with automobile repossession. Auto repossession is a challenging predicament since it can affect your independence and ability to maintain an income. This is why you should enlist the help of a repossession attorney near you at Mack & Associates, LLC, an experienced law firm serving Topeka and surrounding Eastern Kansas regions.
How Repossession Works
When you have financing for a vehicle, the vehicle is considered collateral by the bank issuing the loan. The tangible asset at stake, the vehicle, makes this a secured loan. In other situations, people may have a title loan against the vehicle through a payday loan or title-loan company. When you miss payments or the payments are short, the financial institution can take a few different steps, and the ultimate one is repossession of the collateral. Some institutions will work with you to establish a payment plan, but you cannot assume that your loan provider will give you any leniency.
Meet Mack & Associates, LLC
Mack & Associates, LLC is a firm of attorneys dedicated to advocating for our clients. Our experience in repossession and bankruptcy law allows us to provide the best guidance for individual circumstances throughout Eastern Kansas. We value responsiveness, efficiency, and creating a personalized experience for every client.
How a Repossession Attorney Can Help
Bankruptcy is a powerful tool for shielding your vehicle from repossession. It immediately invokes an automatic stay, meaning that as soon as you have your bankruptcy petition they cannot repossess your vehicle. If your vehicle has already been repossessed, you have some options that may be costly. A qualified Kansas repossession attorney can help you find the best financial solution for you.
Can my car be repossessed during Chapter 13?
Your car cannot be legally repossessed during a Chapter 13 Bankruptcy unless you have consented to the repossession through your Chapter 13 plan, or unless the creditor files a motion for relief from the bankruptcy stay and that motion is granted by the court. If such a motion is filed by a creditor, the bankruptcy debtor will have an opportunity to object.
What happens to your car payments in Chapter 13?
If the vehicle loan has been reorganized through a chapter 13 plan, the chapter 13 payments you make to the bankruptcy trustee will include the amount you are required to pay to keep your vehicle. Under certain conditions, you may be permitted to pay less than the balance owed on your auto loan and still retain your vehicle.
When do I have to surrender my vehicle in a Chapter 7?
You may or may not have to surrender your vehicle
If you want to keep your car when filing bankruptcy, you may be able to do so. You are able to exempt (protect) one vehicle if you file bankruptcy by yourself, and two vehicles for a married couple filing a joint bankruptcy. However, there are certain limitations to that exemption, so make sure to discuss the specifics of your vehicles you want to protect with an attorney.
If you are able to keep your car will also depend on whether you are current on your vehicle at the time you file chapter 7 bankruptcy.
Whether you can keep your car in a bankruptcy, or whether you should keep your vehicle, can be a question with technical considerations, and you should seek the help of a lawyer in exploring your options.
Can I keep my car if I file Chapter 13?
One of the most common reasons to file chapter 13 bankruptcy is to save a vehicle in danger of repossession. In some instances, a vehicle can still be saved after it has been repossessed. A vehicle is saved by filing chapter 13 when the car payment is paid through a chapter 13 plan which reorganizes the remaining balance of the vehicle payments over a three to five year period.
Find a Repossession Solution for You
To learn more about repossession and how you can stop it, try out our “Do I have a case?” tool. A Mack & Associates, LLC repossession attorney near you can analyze your individual situation and find the best options for you.