Keeping The Repo Man Away From Your Vehicle
If you are having trouble keeping up with your car payments, you could be facing repossession of your vehicle. If you are one of the many people who rely heavily on your car for getting to work, transporting your kids and meeting other important needs, this could be a major headache.
At the Law Office of Jeff D. Hoffman in Oakland, we use a variety of strategies, including bankruptcy protection and loan modification, to help clients avoid auto repossession. Don't hesitate to contact us to set up a free consultation with knowledgeable attorney Jeff D. Hoffman.
Reducing Your Payments So You Can Keep Your Car
There are several ways that filing Chapter 13 bankruptcy may be able to help you avoid auto repossession. First, the filing of a bankruptcy petition stops repossession immediately. In a Chapter 13 plan, you will have up to five years to pay off your car loan.
Perhaps more importantly, many auto loans can be permanently reduced (crammed down) in Chapter 13. If you bought your car more than 2 1/2 years ago or you refinanced it, and its current market value is less than you owe, you may be eligible for this option.
Jeff will examine your personal circumstances to see whether you are eligible for Chapter 13 and whether this procedure will help you protect your vehicle from auto repossession.
With the economy in so much trouble, many auto lenders are willing to work with their borrowers in order to avoid the expense of repossession. We can represent you in negotiations with your lender over car loan modification. Because we also provide bankruptcy services, we can use your Chapter 13 and Chapter 7 bankruptcy rights as leverage in these negotiations.
As a lawyer, Jeff is bound by the strict ethical standards of the State Bar of California. He will not make promises he cannot keep, and he will always remain focused on what is best for you. To discuss your options for stopping auto repossession, contact us today.
