Keeping Your Vehicle Through Bankruptcy
For most people, having a vehicle is essential. Without one, it is difficult to get to work to earn a living and live a normal life. Fortunately, there are several options that can enable you to avoid repossession and keep your vehicle while still obtaining debt relief.
The bankruptcy law firm of Leen & O'Sullivan, PLLC will help you determine whether you can keep your vehicle after bankruptcy. We can also help you deal with unmanageable debts and obtain a fresh financial start.
We Can Help You Stay on the Road
Once you file for bankruptcy, the threat of repossession stops. As long as you are in the bankruptcy process, they cannot repossess your car without permission from the court. If you owe money on your vehicle there may be ways to prevent your car from being repossessed, including:
- Reaffirmation — reaffirm the loan at the same terms as before.
- Redemption — negotiate to obtain more favorable terms in a new loan. This is an option only when you are underwater on your loan. For example, you owe $20,000 on a $35,000 vehicle that is now worth only $10,000. Rather than take it back, the lender may agree to more favorable terms.
- Ride through — keep the vehicle and keep making payments on it. Technically, the finance company can repossess if you do not reaffirm the loan, but this rarely happens.
However, in some situations, it makes sense to let the finance company repossess your car. We can help you determine which is the best option for you.
Even if you are behind on your vehicle payments, a Chapter 13 bankruptcy enables you to fold these overdue payments into your payment plan. With a both a Chapter 7 and Chapter 13, the extra cash flow you get from the reduction or elimination of your debts can make a reaffirmation, redemption or ride through easier to handle.
At Leen & O'Sullivan, PLLC in Seattle, Washington, we place a priority on helping our clients keep their cars while obtaining debt relief. We can stop repossession immediately and take the actions needed to help you get debt relief.
Contact a Lawyer Today
Contact a knowledgeable, experienced attorney at the bankruptcy law firm of Leen & O'Sullivan today. Avoid the threat of repossession. Call us toll free at 888-435-5124 for debt relief help.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
