Are You Facing Repossession of Your Vehicle or Other Property?
A missed payment on a secured loan could result in contact from your lender. If more time passes, you may be subject to extreme measures of debt retrieval such as vehicle repossession. However, you can avoid this problem by filing for bankruptcy.
Once you file for bankruptcy in Dallas, you’ll receive an automatic stay, which controls collector actions and ensures that repossession cannot occur. Filing for bankruptcy also ensures that creditors cannot communicate with you verbally or in writing.
Before you file for bankruptcy, consider these factors:
- Creditors may petition for a lifting of the automatic stay, so they can continue repossession of your property.
- A vehicle loan is considered a secured debt and cannot be discharged in a Chapter 7 bankruptcy, unless one surrenders the vehicle.
- A debtor can keep his or her vehicle and other property without filing for bankruptcy if they reaffirm the loan by paying the arrears and resume making regular payments.
- If your car has already been repossessed, bankruptcy does not guarantee that you will get it back. The lender will make the final decision.
Contact Engel Law Firm in Dallas, Texas
Engel Law Firm offers qualified legal assistance to those who are dealing with considerable debt, including property repossession and mortgage foreclosure. We work with you to help resolve difficulties, file the proper forms, and represent you in the case of a court appearance.
Engel Law Firm will work with you to find the debt relief option that maximizes your chances of a successful resolution to your situation. Contact Engel Law Firm if you are in danger of having your property repossessed and you require immediate legal help.