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Avoiding Car Repossession in Chapter 7 Bankruptcy

Post by Christopher Migliaccio Leave a Comment

When looking into the option of filing a Chapter 7 bankruptcy, one of the primary concerns for many is how to avoid car repossession. Most people realize the need to retain their vehicle and continue making payments on it.

While you could surrender your vehicle if you choose, doing so may wind up causing you bigger problems down the road. If you find that you need to purchase a car later and require a loan, you might find that bankruptcy car loans are not very appealing.

Options for Retaining Your Car During Bankruptcy

Before making any decisions regarding your bankruptcy, make sure to run your case by a Plano law firm. An attorney will be able to advise you on the choices you face in light of your unique circumstances.

You attorney will also counsel you on how to avoid car repossession if you’d like to keep your vehicle. Essentially, if you are current with your payments, you may be able to retain your vehicle in one of two ways either with a lump sum or by making payments.

For the lump sum option, you can pay off the car in one lump sum at its current value, referred to as redemption. For the multiple payments option, you can continue making payments on the car (either in your current contract or by entering into a new contract with the loan provider).

Knowing How to Avoid Car Repossession is Priceless

Keep in mind that when you decide to work with the lender and continue making payments, you have some room for negotiation in bankruptcy car loans. Because the loan provider knows there’s a danger of you surrendering the car (in which case they would receive nothing), some may be more apt to negotiate payout amounts.

These are fairy complex situations, though, so seek legal counsel before moving forward with your Chapter 7 bankruptcy plans. This is especially true in cases in which you’re trying to learn how to avoid car repossession.

Getting Chapter 7 Bankruptcy Help from a Plano Bankruptcy Lawyer

There may be ways to avoid car repossession when you file a Chapter 7 bankruptcy depending on your situation. This issue, as well as many others that arise in bankruptcy cases, may be best handled by legal professionals such as the attorneys at Warren & Migliaccio, L.L.P.

For help at any stage of the legal process – whether you are planning for financial difficulties on the horizon or you are already in the thick of it – our attorneys, led by Christopher Migliaccio is available for free consultations regarding Chapter 7 bankruptcy and how it affects car loans or repossession – 888-584-9614.

Categories: Chapter 7 Bankruptcy Tagged: Chapter 7 Bankruptcy

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(972) 600-2680

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4.7
Warren & Migliaccio, L.L.P.
Warren & Migliaccio, L.L.P.
4.7
Angela MyLife
Angela MyLife
15:02 07 Jun 17
We worked with Chris and other staff. Chris from the start really worked with us as we were unsure what to do next and what was the best option for us. Chris spent a great deal of time with me on the phone, over email as well as meeting with my husband and I in his office. It can be scary to have the unknowns as we did and he really helped. When dealing with things you just don't know about you have to find someone you can trust to lean on and let them handle it; you can't be an expert on everything. The staff were so helpful and there was never a question on what we needed to get them or needed to do during the process. We were prepared 100% for what was to come and even months after the staff was quick to follow up to make sure that we did not have any questions or have anyone contacting us. They even helped figure out the 'what next' and 'where to go from here' that comes up. I would recommend them to anyone finding themselves facing financial struggle and trying to decide what to do. They give a free consultation over the phone or in the office; worth the call to find out your options.
Emma Radcliff
Emma Radcliff
21:41 02 Jul 16
I recommend Warren and Migliaccio to anyone who like myself, had no idea of what to do next. They were open and honest to me about my bankruptcy. They took time and explained the whole process to me beforehand. I was treated I'm sure, as their more prominent clients even though I'm a single senior with a limited income. They helped me maintain my dignity and I'm sure my sanity too.
Richard Parker
Richard Parker
23:23 27 Jun 16
I worked with Chris Migliaccio to resolve a debt matter. He is a professional and knowledgeable attorney that was easy to work with. He has excellent negotiation skills. I highly recommend him.
Jodi Wiethorn
Jodi Wiethorn
14:54 15 Oct 15
I would strongly recommend anyone needing a family law attorney use this office. The staff is so friendly, helpful, and knowledgeable. Gary Warren and Ryan Bauerle were the ones that helped me with a very rough child custody case and they were absolutely amazing. They are very nice guys but they will fight for you!!! I am truly happy that I used them for the case, I could not have asked for a better attorney! Ryan helped me and my husband so much and explained everything so well to us! I can't thank them enough for all they did for me and my family! So anyone please take my advice, if you need a family law attorney give Ryan a call!!!
Sandy Thomas
Sandy Thomas
01:17 03 Feb 15
Everyone in this attorney's office was wonderful! We had one matter that we needed assistance with last year, but they were not able to assist us with it, however Christopher Migliaccio was kind enough to provide us with a list of attorneys who would be able to help. Over the last couple of weeks, we decided to update our wills and powers of attorney and it could not have been any easier to do. They made it so we only had to make one trip to their office to take care of everything. If we need anything else, I would be most happy to do business with them again!
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Warren and Migliaccio, LLP
Warren and Migliaccio, LLP
4.5
Angela H.
Angela H.
2015-07-13 09:17:49
They work with the little man. Mrs. Doss is very kind and understanding. She gives her all. Mr. Chris loves helping others and does his job to ensure...
Maria R.
Maria R.
2014-06-12 09:05:00
I searched for a local attorney on Google to prepare some Estate Planning documents and I came across Warren and Migliaccio, LLP. I called the number...
Lauren A.
Lauren A.
2014-07-28 14:15:41
Ryan Bauerle, and everyone at Warren & Migliaccio are top tier attorneys. Ryan is expedient, professional, courteous, and when the situation warrants, a...
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