Avoiding Car Repossession and Foreclosure

Is your lender threatening repossession because you are behind on your car loan? Are you late with your mortgage and concerned about foreclosure? If debt problems are placing your property in jeopardy, you may be able to find relief through bankruptcy.

At Simon Resnik Hayes LLP, we take pride in helping clients throughout Southern California keep the property they worked so hard to obtain. By filing Chapter 7 or Chapter 13 bankruptcy, you can put an immediate stop to repossession and foreclosure actions. Our attorneys welcome the opportunity to meet with you during a free consultation and explain how the bankruptcy process works.

Protecting Your Car and House

When you file bankruptcy, an automatic stay goes into effect. This instantly halts any repossession or foreclosure actions, giving you some breathing room to figure out your next move. If you file Chapter 7 bankruptcy, your unsecured debts are discharged, freeing up money to pay your car loan or mortgage. If you file Chapter 13 bankruptcy, you are able to repay the past due amount over a period of three to five years, without incurring penalties.

The Bankruptcy Code also allows for other actions that can help you keep your property. With a Chapter 13 bankruptcy, you can eliminate a second mortgage if the value of your home is less than the value of the original mortgage. In certain situations, you can lower the balance of your car loan to the vehicle’s current value and extend the length of the loan, making the payments more manageable. With Chapter 13 bankruptcy, you can immediately begin a repayment plan which is often lower than your current auto payment by reducing the car to fair market value.

Take Action to Stop Repossession and Foreclosure

The earlier you act to protect your property, the better position you are in to avoid repossession and foreclosure. Speak with an experienced Los Angeles bankruptcy lawyer to learn what you can do to fight the car repossession and retain what you have worked so hard to purchase. Contact Simon Resnik Hayes LLP online, or call 310-598-7365 or 888-368-4099 to schedule a free consultation.

We meet with clients at our offices in Los Angeles and Sherman Oaks from 7:00 a.m. to 7:00 p.m., Monday through Friday. Weekend appointments are also available.

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