Stop Repossession Of Your Car

It can be easy to take for granted how important reliable transportation is in our lives. When you are worried about losing your car to repossession, however, many aspects of life can be made much more difficult. You may be able to avoid repossession of your car through Chapter 7 or Chapter 13 bankruptcy and make it easier to remain current on your payments. If you act promptly, you may even be able to get your car returned to you after repossession.

Discuss Your Legal Issues With Attorney Josh Goldblum car Repossession

I'm Joshua Z. Goldblum, Attorney at Law. I have more than 30 years of experience in bankruptcy law and understand how hardworking people in Pennsylvania can become burdened by debt and the emotional stress that comes along with it. Call me for a free consultation to discuss your car repossession issues at 215-322-2745.

If you are worried about mortgage foreclosure or are facing lawsuits from creditors, bankruptcy may be the best option for you. Contact me and talk about your situation at no cost.

Automobile Debt Relief Under Bankruptcy Law

Due to bankruptcy myths that are spread on the internet and elsewhere, many people fear that they will automatically lose their homes, cars and retirement accounts if they file for bankruptcy. In many cases, however, bankruptcy can actually help individuals avoid mortgage foreclosure and car repossession, while improving their overall financial health.

There are a few options for car payment relief under bankruptcy law in the United States. These include:

  • Debt reaffirmation: Although Chapter 7 bankruptcy allows you to discharge your personal liability for a debt, you may also reaffirm debts during the process if you want to keep a car, house or other property that has been pledged as collateral. If you reaffirm the debt, you will have to remain current on car payments, but if you can discharge other debt in the process, it may be easier to make those payments on a regular basis.
  • Redemption: If you have the funds available, you could avoid repossession by paying the current market value of the vehicle to the lien holder.
  • Voluntary repossession or surrender: Under certain circumstances, it may not be in your best interests to keep paying money on a car loan that you cannot afford. While reaffirming the debt would allow you to keep your car in the short term, it may not be worth it if you are unable to remain current on the payments. By voluntarily surrendering the vehicle, you can be freed from the debt and you may be able to purchase a more affordable vehicle.
  • A Possible Fourth Option: There may be a fourth option available as well. If you do not reaffirm, but keep current on the payment of the debt, you can retain possession of your vehicle. If you later default of debt after the Chapter 7 discharge and surrender your vehicle you may not be liable for any deficiency judgment. This option was available before the 2005 changes in the Bankruptcy Code, but the courts are unclear as to whether this option is still available.

I know that these decisions are not easy and that people in these situations need honest reliable advice. I provide people throughout the Philadelphia metropolitan area as well as the surrounding counties with knowledgeable counsel and representation. I will help you understand your debt relief options and whether reaffirming your debt or voluntarily surrendering your car is the best choice for you.

Talk With An Experienced Lawyer

I am dedicated to helping individuals keep their cars, trucks and motorcycles safe from repossession, while improving the outlook of their overall financial pictures.

Call me to schedule a free initial consultation and about your situation at 215-322-2745. You can also email my law office to tell me about your financial issue or to make an appointment. My office is located in Feasterville, and I assist people throughout northeast Philadelphia. Make your appointment today.

My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.