How Chapter 7 Bankruptcy Could Help with Vehicle Repossession

One’s vehicle is their lifeline to get access to the places that they need to go to earn a living, buy their groceries, and do many other everyday tasks that are required of them. This is why the good people at Loris Bankruptcy Law Firm know that it is fairly typical that people come to them with questions about what they can do in the event of vehicle repossession, and they need to get it back following a bankruptcy. A Chapter 7 bankruptcy attorney Selma can help get on the case right away.

You May Simply Need More Time 

It is often true that those struggling with a vehicle repossession simply need some more time to straighten things out with their lender. They want to get caught up with their payments, but they are struggling to make ends meet as it is. This is why a good Mobile AL bankruptcy attorney may be called for in these scenarios. The role of such a lawyer is to stand up for his or her client’s rights in the event of a repossession. After all, the only way that some measure of justice will be recouped is if the owner of the vehicle has a legitimate chance to make their case for getting it back under their possession. Someone struggling financially will likely need to make arrangements with their lender to sort out a new payment plan that they can stick to. A bankruptcy attorney Robertsdale will be happy to draw up this paperwork for their client to help them make it happen.

Stopping A Repossession After Filing for Chapter 7 Bankruptcy

It is nearly always the case that merely filing for chapter 7 bankruptcy is enough to put a stop to the repossession process of your vehicle. In fact, your bankruptcy attorney Mobile AL can help win a lot more concessions for you from your creditors if you allow them to do what they do best. Those credits will have to back off of you because you have someone who knows the law and knows how to use it to serve your purposes. That attorney is likely to be well aware of the fact that they need to do everything in their power to stop all collection activities that you may be experiencing until you can get yourself on firmer ground financially. After all, it is a lot easier to operate when you have a financial plan that actually works for you.

Buying Back Your Car

You may have the ability to buy back your car for its fair market value after you have filed for Chapter 7 bankruptcy through the services of your bankruptcy attorney Mobile Alabama. The reason the court allows for this in a bankruptcy Mobile AL case is that they know that you might have the chance to buy back the car at the fair market value at least satisfy some of your debt in the process. It is better than leaving the original lender with nothing, and it works out better for you as well, because then you become the legal owner of your vehicle.

You don’t want to take any unnecessary risks when the subject matter is your vehicle. It is all that you have to get yourself to and from work. You need it to continue to earn a living that can help you get out of the financial bind that you find yourself in at this time. With that in mind, it is pretty obvious to most people that they need to make their vehicle priority number one in a bankruptcy filing, and that is exactly what most are ready to do. Make sure any attorney that you hire to help with this process knows that this is the most important thing to you.