Yes, filing bankruptcy will stop car repossession.
The specific potential benefits of a bankruptcy will depend on a person or married couple’s circumstances. Filing Chapter 7 or Chapter 13 bankruptcy will protect a vehicle from repossession. The protection is very short term when Chapter 7 is filed. Filing a Chapter 13 may provide longer term protection by making it possible to propose a repayment plan that will catch up missed and/or late payments on a vehicle loan. Generally speaking, this benefit is not available when a Chapter 7 bankruptcy is filed. It is therefore usually advisable with a Chapter 7 bankruptcy that payments on vehicles should be current at the time a Chapter 7 bankruptcy is filed.
In limited circumstances it may even be possible to recover a repossessed vehicle by filing bankruptcy but this requires immediate action within a short time of the vehicle’s repossession.
Only after a thorough discussion, including an analysis of your unique situation, can the possible benefits of a bankruptcy, and the specific benefits of Chapter 7 versus Chapter 13, be determined. This is one reason why at Kinkade & Associates we take the time to get to know you and your circumstances. We take the time to discuss and develop the appropriate strategy to provide you with relief from your debt and meet your specific need, such as stopping vehicle repossession.
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys. Please give us a call or contact us by email by filing out the contact form on this page.
Kinkade & Associates, PC, 123 NW 4th Street Suite 201, Evansville, IN 47708 812-434-4909 PHONE 812-434-4831 FAX