If a creditor has threatened to possess your vehicle or other personal property because you have fallen behind on your debt payments, it is important to take swift action. Being proactive can help you keep your property while resolving your underlying debt problems.
Bankruptcy stops repossession and other creditor actions. If you are in danger of losing your car, furniture, appliances or other personal property, the attorneys at the Law Office of W. Thomas Bible, Jr., can help you explore your legal options. We provide experienced bankruptcy representation to clients from Chattanooga and throughout Tennessee and North Georgia.
Bankruptcy Stops Repossession
Filing for bankruptcy enacts the automatic stay, a legal injunction that stops repossession, wage garnishment, foreclosure and other creditor actions. As soon as the automatic stay goes into effect, your creditors cannot repossess your property.
If you file for Chapter 13 bankruptcy, you can pay down your outstanding car debt and other debts over three to five years. If you file for Chapter 7 bankruptcy, your unsecured debt is eliminated. In a Chapter 7, you can keep your car, and your debt obligation, by signing a reaffirmation agreement.
For a full understanding of how bankruptcy can help you keep your car, it is important to consult with an experienced bankruptcy lawyer. Our attorneys will work with you personally to help you achieve your debt relief goals while maintaining ownership of your car.