Stopping Car Repossession
What is Automobile Repossession?
Georgia law on motor vehicle repossession states that when a car, truck, SUV, or other automobile is leased or financed, the lessor or creditor retains the right – called a “security interest” – to repossess it if the buyer fails to make payments in a timely fashion. Repossession is permitted as soon as you default on your auto loan or lease, and can take place without court order or prior notice. If this is happening to you, reach out to a car repossession attorney immediately.
How Do I Avoid Repossession?
The good thing is that there are multiple options available to you if there is a car in your household under the threat of repossession. Filing for bankruptcy through a car repossession attorney is one option. Keeping the automobile ultimately depends on a few factors, but the majority of people that file for bankruptcy are able to keep their car. Bankruptcy will create an automatic stay, which means that no one can repossess your automobile. Under a Chapter 7 filing, the motor vehicle “exemption” will largely decide if you will be allowed to keep your car or not.
Another way is to file is under Chapter 13, which may allow you to repay your automobile debt in a more affordable manner. In some cases, your car repossession lawyer can lower the amount that is required to pay to the current market value, which will lower your interest rate.
Can you protect your vehicle from repossession?
If helpful, you can estimate if you can use a Chapter 13 bankruptcy to keep your vehicle with the calculator below. Ultimately it may be helpful to speak to an attorney to confirm whether you can keep your vehicle.
Next Steps: Contact a Burrow Repossession Lawyer
For more information about automobile repossession and how to stop it by filing for bankruptcy, call (678) 323-2394 or request a consultation today. We have offices in Athens, Conyers, Duluth, Morrow, Kennesaw, and Gainesville for your convenience.
At Burrow & Associates, our clients’ financial peace and stability come first. “Law is Our Expertise. Faith is Our Foundation.”