Let MA Bankruptcy Attorney stop your vehicle repossession
WE CAN GET YOUR CAR BACK NOW! WE CAN STOP VEHICLE REPOS!! I had to get that out right away. In my experience my clients that have their car or truck repossessed feel extremely violated and stressed out. They would like to cause bodily harm to the repo man. So if this has just happened to you call me immediately and don’t panic. We will get it back so you can get to work and pick up the kids at school.
This is how the legal process works: When your Chapter 13 Reorganization is filed your vehicle is technically property of your bankruptcy estate. The finance company is not entitled to the vehicle and must return it. Must return it are the operative words. On the very rare occasion that a creditor is reluctant to return a vehicle to me, Smeloff and Associates will file a motion to compel turnover of property with the U.S. Bankruptcy Court. We have never lost. And if the creditor is really out of line the Court will hold them in Contempt and award fees and costs and attorneys fees to you. We love that!
If you are behind on your vehicle and are afraid the finance company will be sending out the repo man, we can stop that too, before it even happens. Then we will put together a reorganization plan to get you up to date on your payments and even lower your payment.
Put Late Vehicle Payments in the Plan.
The best way to share this area of the law with you is to do so by example. Whatever amount you may be behind on your vehicle loan, say 3 payments at $325 each or $975, this may be put in the plan and paid over 60 months without interest. The monthly amount is only $16.25! This is a much better option than trying to scramble to come up with the $975 all at once and worrying about the repo man.
The next option is to put the entire loan in the 5 year plan. The net effect is to extend your loan; so if you have for example 2.5 years left on your loan and your payment is $325; by selecting this option your payment would be reduced to less than $150 per month. This really helps free up monthly cash flow, and when you combine it with the savings on credit card payments now you are seeing light at the end of the tunnel.
Cram down underwater vehicle loans.
Let’s say for example the dealer took advantage of you and you got a bad deal on your vehicle. Now the vehicle is worth $12,000 and you still owe $19,000. No one deserves to be stuck in this position. Here is the answer: we will cram down your loan. You will pay only the $12,000 back through the plan over the next 60 months and the difference, $6,500 is discharged like the credit card debt. So your payment will drop significantly and you will only be paying what the car or truck is worth! Now that is even more money freed up for your family.