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Filing for Bankruptcy used to carry a negative stigma. For some it still might, but the truth is that in today’s economy it is rare to find those who have not exercised all their rights. Truthfully bankruptcy can protect you and that’s what we want to do here at Cornwell Law Firm.
Whatever your situation is that has you searching for help, our experienced staff can assist you all the way. Filing bankruptcy can be scary, but rest assured we will work our hardest to protect you and your interests.
How can it help you? Keep reading below to find out.
COLLECTION EFFORTS AGAINST YOU BY MOST CREDITORS ARE INSTANTLY PROHIBITED, WHEN YOU FILE FOR CHAPTER 13 BANKRUPTCY.
This is what is identified as "automatic stay". Your car loan lender is also prevented by the automatic stay from repossessing the vehicle.(see our Bankruptcy's Automatic Stay area, to learn even more).
Here's how in two different situations, the automatic stay protects you:
If you file for bankruptcy, and the lender has not yet repossessed your car, your car is prevented from being repossessed by the lender by the automatic stay, until your repayment plan has been approved by the bankruptcy judge. At that time, if the back payments on your car loan are being dealt with by the repayment plan, the car cannot be repossessed by the lender either during or after the bankruptcy(contingent on your staying current on all payments due).
From the time you file for bankruptcy and until your plan is approved, even though the car cannot be repossessed by the lender though you are behind on payments, you must be making "adequate protection" payments. The design of these payments is meant to cover the car's depreciation during this period of time. In most cases, adequate protection payments will be the same as the amount of your car payment. Keep on making your car payments, once you file for bankruptcy, until you finally have your plan confirmed.
In some instances, if shortly before you file for bankruptcy, your car is repossessed, you might be able to retake the car if in the repayment plan payment of the arrearage is provided for, and your monthly payments continue to be made on time by you.
YOU SHOULD IMMEDIATELY CONTACT AN ATTORNEY, IF YOU PLAN TO FILE FOR CHAPTER 13 BANKRUPTCY, NOT CHAPTER 7, AND YOUR CAR HAS BEEN REPOSSESSED.
You have a short time to reclaim the car, once it has been taken from you. Attorney Keith Cornwell can be of great assistance to you in this action. Very often, the entire loan is required to be paid off, but this can be negotiated for you by attorney Keith Cornwell so that you can "cure" the default by making a satisfactory payment, and then committing to faithfully resume your payments.
Having your car repossessed ranks among the more depressing things that can happen to you. You can get the help you need from Gwinnett County bankruptcy attorney Keith Cornwell at the Cornwell Law Firm. If you act fast, it is possible to get your car back. And if the repossession agents breached the peace in retaking your car, you can also obtain compensation. You are urged to get in touch for the help you need with a bankruptcy attorney at once.
The car is auctioned at the sale. You are likely then to be sued by the loan company for the outstanding amount of the loan plus any costs for repossession, minus the money that is recouped in the sale. You can get the defense you need from attorney Keith Cornwell in this suit, and for any breach in the repossession of the peace, counterclaim for damages.
Cornwell Law FIrm
2180 Satellite Blvd, Suite 400
Duluth, Ga, 30097
Fax: +1 987-123-456
FREE CONSULTATION - CALL 404 791 4449
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