Getting your car back after it has been repossessed is possible with a St. Louis bankruptcy. It is also possible to maintain possession and ownership of the vehicle by filing a St. Louis Chapter 13 before the repossession happens. This will keep your automobile safe. Once inside of a Missouri Chapter 13, the payments will be made to the creditor on a scheduled monthly basis.
The Longer Your Wait, the More it Will CostThe repossession of a vehicle in St. Louis can cause a great deal of trouble for individuals who are already dealing with their fair share. Not only does it create more stress, but it also makes getting to work or taking the kids to school much more difficult. In addition, the ‘repo man’ can and will come to your home or place of work to take back the vehicle, causing further embarrassment.
The St. Louis bankruptcy lawyers at The Bankruptcy Company have a great deal of experience with handling automobile repossessions. If your goal is retrieving the car so that you can continue to drive it, then that is our goal as well. But in such a situation, time is of the essence. Once a car is repossessed, the creditor only has to hold the vehicle for a certain period of time (usually 10 to 20 days) before selling it. This means that the filing of a bankruptcy would need to occur within that period of time to save the car.
However, if the goal is to just simply let the car go, then the St. Louis bankruptcy attorneys at The Bankruptcy Company want to make sure that any debt the car creditor tries to attach to you gets discharged. A repossessed car in St. Louis will sell for far less than what is still owed on the loan (this happens because automobiles depreciate significantly over time). As a result, the car creditor can and will try to stick you with a deficiency bill that can be thousands of dollars.
Either way, the St. Louis bankruptcy attorneys at The Bankruptcy Company have the experience necessary to help you get the outcome you wish. Our staff has dealt with the various car creditors that exist in and around the area for many years, and know most of the creditor’s attorneys on a first name basis. And in some cases (depending upon whether you file a St. Louis Chapter 7 or Chapter 13 bankruptcy), we can even negotiate a lower monthly payment and/or interest rate on your car loan.
Call us at (314) 932-1067 or contact us through our website The Bankruptcy Company to set up your free consultation with our experienced St. Louis bankruptcy attorneys.