Fighting to Avoid Repossession
What happens if your car is repossessed?
If you are behind on your auto loan payments, your creditor is entitled to arrange repossession of your vehicle. Obviously, this can cause tremendous strain for you in many ways. Being unable to afford your car payments or payments on other consumer goods leads to the embarrassment, humiliation and problems of losing your car or other items. Your ability to get to and from work to earn your income will be endangered. Your financial condition may worsen and overall your problems will be compounded. The law does not require for you to be notified when repossession is going to take place, and you can suddenly discover your personal possessions or vehicle has been repossessed.
Once your car is gone, you will receive a notice detailing your options. If you did not lease it, you will be able to recover it by paying the past due loan amount and any fees associated with the repossession itself. If you do not do this, the vehicle will be sold at auction and you will still be responsible for the remainder of your bill after the amount received at auction is subtracted. This is known as a deficiency balance. Once your vehicle or other goods have been repossessed, it is often impossible to recover them. A bankruptcy lawyer from our Nashville office can advise as to your options to avoid repossession of your car, truck or other goods.
Helping You Keep What is Rightfully Yours
At Cain & Associates, PLLC, we can review your case to detect any violation of your rights which may lead to you being released of any outstanding amount. In some cases, we may find you are being charged illegal fees for the return of your vehicle and will take action to prevent creditors from taking advantage of you. We can review your overall financial condition and may find that bankruptcy is a viable solution for the problems you are facing. In this case, if you act quickly enough, your vehicle may be saved from repossession and we may even be able to arrange lower repayment and interest rates. In some cases we can get your goods returned to you once the bankruptcy process is begun. So if you are behind on your loan payments, contact Attorney Cain & his associates right away.