Milwaukee Waukesha Auto Repossession Attorney
Are you behind on your car payment? Is your car lender threatening to repossess your vehicle? Has your vehicle been repossessed? Don’t be discouraged, there is a solution for you.
Chapter 13 Bankruptcy can stop auto repossession or in some cases get a repossessed car back. Chapter 13 can provide you with the following protections:
After a Chapter 13 filing, a creditor is barred from repossessing property and must comply with any repayment structure ordered by the bankruptcy court. It is illegal to repossess property, without permission of the Court, during a pending bankruptcy case.
Under a Chapter 13 plan, your car will be protected and you will, most likely, have a much lower monthly car payment. Sometime as low as half the current payment.
You may be able to save your automobile even if your auto has already been repossessed. To save your auto, you must file before the auction sale. A lender must wait a minimum of 15 days before selling repossessed collateral at auction.
If your vehicle has been repossessed and subsequently sold, your lender will, most likely, take legal action to collect on any deficiency from the auction sale. This deficiency debt can be discharged in a Chapter 7 bankruptcy.