If your car is repossessed and you cannot come up with the full amount that is past due, you will never get your vehicle back and the cost can be in the thousands. Should you fail to pay it, not only will you lose your car; you will still owe the lender per the terms of your contract. The good news is that there are several options available to help you deal with this issue.

If you have fallen behind on your car payments and cannot get caught up but still want to keep your car then Chapter 13 bankruptcy is a great choice.

Yes. Filing bankruptcy can prevent your car creditor from repossessing your car. In many cases bankruptcy provides a structured repayment of the debt and can even reduce the balance and interest rate that you have to repay.

The Automatic Stay

When you file for Chapter 7 or Chapter 13 bankruptcy, all creditor actions have to immediately stop. Any debt collector that contacts you by mail or by phone is in violation of federal laws regarding bankruptcy.

The automatic stay is a temporary solution while the resolution is worked out. The skill of your attorney can make all the difference, as negotiations with the lender must take place. Our expert team of bankruptcy lawyers in Georgia can not only stop the repossession but we can negotiate to reduce your interest rate and sometimes even cram the repayment amount of the loan down to the fair market value of the car.   This is great for people who are underwater orupside down on their car loans!

You need a car in Georgia in order to continue to go to work, take your kids to school, go shopping and other daily activities. When financial problems arise, such as reduced hours of work, a medical emergency, a divorce or loss of employment, it is very possible that a repossession of your vehicle could take place and throw your life into chaos.