Avert Repossession by Filing Bankruptcy

If you are lagging behind on repayment of your car loan, your bank or car dealer can decide to take action for repossessing your car. The action of repossessing needs only one or two missed or delayed payments and the bank or car dealer can legally tow away your car. If due to some reason, such as losing a job or some facing some dire financial difficulty, you are not able to pay your installments you can file for bankruptcy to prevent repossession. In some cases, if it is not too late, as per a chapter 13 bankruptcy you can also get back a repossessed car/vehicle.

Although filing Minneapolis bankruptcy is a far-reaching step for just avoiding repossession of your vehicle. The truth can be that along with your inability to repay your vehicle loan you may probably be under pressure for paying your mortgage, your credit cards debts, bills, loans, as well as other debts. You can without delay file for bankruptcy with the help of the Minnesota bankruptcy lawyers to prevent repossession of your car and address your debt related dilemma.

You ought to speak to a bankruptcy lawyer prior to your car being repossessed. Filing bankruptcy by Minnesota bankruptcy lawyers brings on an automatic stay that prevents bank or the car dealer from contacting, intimidating, filing case, or hiring a negotiator for repossessing your vehicle. Remember, in case of Chapter 7 bankruptcy, you need to stay up to date on your car loan to keep the vehicle while Chapter 13 bankruptcy makes available to you a choice of getting your car back even after it has been repossessed.

Minneapolis bankruptcy can make a filing arrangement looking for the return of your vehicle only if the re-possessor has not so far sold the car. It is very important that you file a Chapter 13 bankruptcy case within 10 days of your vehicle being repossessed if you want that your car be returned to you. You need your car, while facing repossession is both difficult and embarrassing. The bankruptcy policy helps you to act immediately to avert repossession without worrying about where to get the money for a lawyer.