Prevent Car Reposession

Fallen Behind on Your Auto Loan? • Keep Your Car • Contact an Orlando Bankruptcy Attorney  

Have you fallen behind on your car or truck payments? Have you received letters and phone calls threatening repossession of your vehicle? The Law Offices of K. Hunter Goff, P.A., can stop repossession of your car, help restructure your existing loan payments so that the new payments meet your budget, and show you the way to a fresh start on your finances. This can all be achieved by filing for Chapter 7 or Chapter 13 bankruptcy to help eliminate your liability for the debt or pay it off under more affordable arrangements.

Attorney Hunter Goff would like to help you. Please contact our firm to arrange your consultation with a bankruptcy attorney to learn how we can help save your car or truck from repossession.

What happens if my car is repossessed?

Most people do not realize what happens after their vehicle has been repossessed. After a car, truck, van or motorcycle is repossessed, it is typically put up for sale by the financing company (whether that be a bank, auto finance company or other lender). If the sale price is not enough to cover the outstanding loan balance you owe, you will be held responsible for the remainder of the balance. This "deficiency balance" applies to cars, trucks and recreational items such as boats and RVs. Because there is no such thing as voluntary repossession, even if you turn over a vehicle to the bank you are still responsible for payment of any deficiencies between the ultimate sale price and the remainder of the loan. Once a lender has sued you and obtained a judgment against you, the lender may garnish your wages or seize other assets you own in an attempt to collect on the judgment.

Eliminating your outstanding liability for a vehicle

Through Chapter 7 bankruptcy, we can help you eliminate your liability for the balance owed on a repossessed vehicle. Filing for bankruptcy puts into place an automatic stay which gives you relief from the collection activity of your creditors. A Chapter 7 bankruptcy can offer you alternatives to either eliminate the deficiency balance on a repossessed vehicle or possibly lower the total amount owed on a vehicle loan before it gets repossessed.

Making car loan payments over a three-to five-year repayment period

By filing Chapter 13 bankruptcy, your current vehicle loan can be altered by lowering the interest rate, changing the monthly payment to a more affordable amount based on your ability to pay, or in some cases even lowering the balance you owe on the loan to the value of the vehicle. Chapter 13 is designed for wage earners who would like to get up to date on payments and get a fresh start towards a brighter financial future.

Call us toll-free at 1-866-526-9282 to get started

Depending on your situation, you may be able to reduce the interest rate on your current car payment or restructure your existing loan to make the payments more affordable for you. During your free telephone consultation, Hunter or Kristie will advise you how they can help you lower your monthly payments on your debt and get you into a comfortable payment plan. E-mail the Law Offices of K. Hunter Goff, P.A. or call us today.