Vehicles are a necessity that are essential for everyday life and it can be extremely intimidating when faced with the possibility of losing a vehicle to repossession. The threat of repossession from lenders typically comes without the support or options needed to help catch up on past due payments. The lenders often ask for the payment in full without even considering partial payments. These threats from lenders can cause panic or leave you stressed without knowing how to solve the problem. This stress can lead to sleepless nights and constant worrying that your car may be taken away at any moment. You are not alone in this situation! Filing bankruptcy can help ease that stress and stop the repossession from happening.
If you’re looking to stop a repossession from happening, a chapter 13 bankruptcy would be a path that you could definitely take. Once the bankruptcy has been filed, a Chapter 13 will help you catch up on the payments that are due through a payment plan. An automatic stay will also be entered when the bankruptcy is filed, protecting you while the case is pending.
A chapter 13 bankruptcy is a payment plan bankruptcy and these payments will vary for everyone. Your attorney will offer more insight on the intricacies of a Ch. 13 case and what your individual case will look like. Your attorney will also help you by putting together a plan that suits your needs and works with your budget. A portion of these payments will then go to your lender to help you catch up on the past due amount owed on your vehicle.
Filing for bankruptcy is a positive event! In this situation, it can help you keep your vehicle on your terms within your budget.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
When the time is right, or when you are ready, please don’t hesitate to reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to www.lifebacklaw.com.
