If you default on your car loan, the creditor will probably seek to repossess the car without any warning. A creditor can also seek repossession if you allow your full coverage auto insurance to lapse. Late payments can cause a lender to demand the total unpaid balance at once with the threat of immediate repossession. If you’re about to have your car, truck, or van repossessed, you may not know where to turn. Repossession is avoidable. In the Dallas-Fort Worth region, if your vehicle is repossessed or about to be, speak at once with experienced Dallas repossession attorney Richard Weaver. Obviously, if you can’t get to your job, you can’t pay debts, and you could even wind up unemployed. If repossession is imminent, call Richard Weaver promptly.
Repossession Can be a Nightmare
When a vehicle’s owner cannot make payments, Texas allows the lender to repossess the vehicle. When you purchase a vehicle, you agree that the creditor can repossess it if you default. Repossession can be a nightmare. A stranger can come onto your property and take your vehicle without any prior notification. As long as a “repo man” does not breach the peace, the action is legal, and you cannot resist or threaten that person in any way. You can’t lock your vehicle in a garage or hide it. The law severely limits any effort to evade repossession. However, you do have some legal alternatives.
If you have an auto loan and have fallen behind on vehicle payments, in time you are probably aware that you’re at risk for repossession. Some situations that involve imminent repossession could leave you looking for a solution. Naturally, an important aspect of retaining a vehicle is that you will need income or assistance to make payments. If you or a spouse or a loved one can resume the regular payments or if you have the ability to make the regular payment but do not have the ability to come up with the entire past-due amount, then a chapter 13 bankruptcy may be an option to help you catch the vehicle up over time instead of being forced to come up with the entire arrearages to stop the repossession of our vehicle. While filing a Chapter 7 Bankruptcy can certainly stop repossession, and it can possibly discharge your loan if you qualify, it does not contain a mechanism for catching the vehicle up. In contrast to the Ch. 7, if you qualify for the automatic stay, the use of a Ch. 13 bankruptcy could stop repossession and allow you to keep the vehicle and catch up on payments. It also provides a method for running the entire car through the plan. Contact experienced Dallas repossession attorney Richard Weaver at (817) 422-5929 or (214) 960-4125 and let them help you review your options for stopping a repossession, possibly through filing for bankruptcy. Don’t hesitate to make the call.