When you fall behind on car payments or can no longer afford your loan, you may begin to receive harassing calls from debt collectors who threaten to repossess your vehicle. Once repossessed, your timetable to recover your vehicle is short. In the event your car is taken away, you have as few as 15 days to recover it before the creditor is able to resell or send it to auction.
It is important to do whatever you can to avoid repossession. If you are falling behind on your car payments or your car has already been repossessed, it is important to get help as soon as possible. Make sure you work with a law firm that can help you keep your vehicle and understand your debt relief options. At The Law Offices of Ronald I. Chorches, that is exactly what our knowledgeable attorneys do. Based in Hartford, our firm represents individuals throughout Connecticut who are looking for help stopping repossession.
Avoiding Repossession With Bankruptcy
Although bankruptcy often carries a negative social stigma, the reality is that it is a powerful tool for managing debt, getting caught up on arrears and getting a fresh start. Chapter 13 bankruptcy is especially useful for asset protection and avoiding repossession, as it enables you to get caught up on car payments, eliminate other debt and protect your assets while setting up a plan for you to manage everything with one affordable plan payment. Depending on your circumstances, a Chapter 13 bankruptcy will last anywhere from three to five years. You are able to eliminate some debt and create a payment plan to pay the rest back in three to five years. In the meantime, you are able to keep your car and other valuables. Other advantages to declaring Chapter 13 bankruptcy include:
- Stopping foreclosure proceedings
- Rescheduling secured debts
- Lowering payments over a longer lifespan
- Extending protection to co-signers
Additionally, you are able to consolidate loans into a single monthly payment.
Keep Your Car With Bankruptcy Alternatives
Chapter 13 bankruptcy is just one available option for stopping repossession and getting debt under control. Depending on your situation, you may be eligible for other kinds of debt relief. Our lawyers take the time to understand your unique circumstances and needs to determine if bankruptcy is truly the best approach for keeping your car.
Get Relief From Overwhelming Debt
Let our law firm help you take control over your financial future, no matter what challenges you face. Get relief from your debt now. Reach our law offices by phone at 860-563-3955 or by filling out our online request form.