Are You Facing Vehicle Repossession?
When you are behind on paying your car loan, you are at risk of losing your vehicle to repossession — a scenario that nobody wants to have to deal with. Fortunately, filing Chapter 13 bankruptcy can protect you from losing your vehicle in this manner under certain conditions in the state of Louisiana. Speak to the highly qualified attorneys at The Cook Law Firm to help you stop car repossession now!
Methods Of Repossession
- Voluntary Repossession: Creditors may advise you that you must sign the voluntary surrender agreement. What many of our clients are initially unaware of is that you are not mandated to sign anything. If you don’t sign a voluntary surrender form, your car cannot be repossessed. A voluntary repossession form is just that — voluntary — and you should consult with an attorney if you’re being asked to sign one.
- Repossession by court order: Creditors can go to a judge to get a court order to repossess your vehicle. If the order is approved, the deputy sheriff or marshal will have your car towed.
- The “self-help” method: According to the law in Louisiana, there are strict guidelines creditors must follow for this method to work. If they followed these guidelines, then they may be able to seize your vehicle without a voluntary repossession form. Our attorneys can further explain this method during our free consultation.
Chapter 13 Bankruptcy Is The Best Way To Stop Car Repossession
The Chapter 13 plan provides you with a plan for paying your creditor and halts the repossession process in your favor. As long as you continue to make payments for the vehicle according to your Chapter 13 plan, you won’t lose your assets. You will continue to make payment until the original cost of the vehicle and any additional arrears are paid off. Sometimes, you may only be required to pay for the present value of the vehicle and at a reduced interest rate.
If you have owned the vehicle for more than 910 days, the “cramdown” law will apply. This will require you to only pay for the current retail value of the vehicle rather than the full balance on your debt. Not only do you get to stop car repossession, but you can also save yourself thousands of dollars by speaking to The Cook Law Firm attorneys.
Know Your Options
Regardless of the approach used by the creditor, we may still be able to help you get your vehicle back by helping you file a Chapter 13 bankruptcy. Most cases of vehicle repossessions are illegitimate, and the creditor only gets away with it because many people are unaware of what the laws actually state.
Schedule A Free Consultation
Are you past the due date on a car loan and do you need help with stopping repossession? Call now to speak with our experienced bankruptcy lawyers in Shreveport, Louisiana. We will take action on your behalf and protect your rights. Your initial consultation with The Cook Law Firm attorneys is completely free of charge. Contact us now for a free case evaluation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.