To a lot of people, their vehicle is one of their most important possessions because it not only helps them go places but it also helps them maintain employment as well. For people facing insurmountable debt, being able to keep their vehicle becomes a real worry, especially when a creditor threatens repossession.
At Kruger & Schwartz, we understand the immense worry and stress that is felt by those facing a possible car repossession. For more than 30 years, attorney Richard A. Schwartz has been helping individuals fight the seemingly uphill battle to retain the rights to their car, maintain employment and recover financially from their debt obligation. If you're facing the same situation, our firm can help.
Your Options For Keeping Your Car
Just because you're facing considerable debt and the possibility of filing for bankruptcy does not mean you have to lose all of your possessions to creditors. Many of your possessions, including your vehicle, could be considered exemptions in a bankruptcy filing. Whether your vehicle is considered exempt or not depends on your specific situation:
- If you are behind in payments, or if you have a high interest rate and/or high payments, consider filing for Chapter 13 bankruptcy. Because this form of bankruptcy allows for repayment of debts over time, you may be able to keep your car instead of having it repossessed. You may also be able to lower the payments and the interest rate.
- If you are current on your payments, consider filing for Chapter 7 bankruptcy. This will eliminate other debt, such as credit cards and medical bills, freeing up funds with which to make your car payments. Depending on the equity level of your vehicle compared to the vehicle exemption, you may be allowed to maintain possession of your vehicle.
Getting Your Car Back After Repossession
If you file for Chapter 13 bankruptcy and your car has already been repossessed, you may be able to get it back. You must act quickly though as it may be sold to repay your debt.
Trusted Guidance Through A Difficult Time
When you contact our firm, you will be scheduled for a consultation with one of our skilled and experienced bankruptcy lawyers. We will give you the time you need to fully explain your financial situation, and discuss debt relief options that give you peace of mind and help you keep your vehicle.
For assistance in Kentucky, call our Louisville office at 502-485-9200. For help in southern Indiana, call our New Albany office at 812-945-9200. You may also reach our firm through our online contact form or by calling our toll free number: 866-366-3328. Our initial consultations are always free, and there is never an obligation to retain our services.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.