Helping You Keep Your Vehicle in Bankruptcy
Having a car is essential for most Americans. When people are thinking about bankruptcy, one of their primary concerns is keeping their vehicle. It might reassure you to know that most people who file bankruptcy are able to keep their car. In fact, in bankruptcy, oftentimes we are able to reduce a car's value to fair market value and force the lender to accept the payments through a Chapter 13 bankruptcy repayment plan. As a result, your monthly car payments can be significantly reduced.
At Simon & Resnik, LLP, we understand you need transportation to and from work, as well as for running errands and other purposes. That's why our lawyers are dedicated to helping people filing Chapter 7 and Chapter 13 bankruptcy find the debt relief they need while retaining their cars. For more detailed bankruptcy information tailored to your unique situation, call our office at 310-598-7365 or 888-368-4099 to schedule a free consultation.
California Bankruptcy Exemptions
The Bankruptcy Code is designed to help debtors, not punish them. As such, bankruptcy law protects certain property classified as exemptions. Generally, a petitioner is allowed to retain a car as an exemption.
Bankruptcy Attorneys Stopping Car Repossession
If you are behind on your car payments, the lender has the right to repossess the vehicle. However, when you file either Chapter 7 or Chapter 13 bankruptcy, the court issues an automatic stay. This freezes all repossessions, giving you time to catch up on missed payments. Even if your car was recently repossessed, filing bankruptcy can help you get it back — and get it back fast.
If you file Chapter 7, you may be able to retain your car if you make timely payments. Under Chapter 13, you may be able to keep your vehicle by paying the creditor the value of the car rather than the full amount due on the debt.
We Are on Your Side
For answers to all your bankruptcy questions, including repossession and reaffirmation agreements, count on Simon & Resnik. Our bankruptcy attorneys have helped thousands of clients overcome financial problems and get back on track. Contact our firm to arrange a complimentary consultation with a bankruptcy professional who understands how important it is that you retain your vehicle.
From our offices in Los Angeles and Sherman Oaks, we serve clients in Los Angeles, San Fernando Valley, Riverside, San Bernardino and Orange Counties. Payment plans are available.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
