Your vehicle is critical to your ability to work and tend to other daily necessities. If you are at risk of losing your car, truck or motorcycle because of debt problems, bankruptcy may help you avoid a vehicle repossession.
To learn more, contact the Law Office of Robert C. Nisenson, L.L.C., in East Brunswick, New Jersey. We have helped thousands of clients who were struggling with difficult debt problems. Each case at our firm is personally managed by attorney Robert C. Nisenson, a knowledgeable bankruptcy lawyer with more than 25 years of legal experience. We offer a free consultation to help you determine if bankruptcy is right for you.
How Can Bankruptcy Help?
You may be able to stop an auto repossession with a Chapter 13 bankruptcy. With a Chapter 13 bankruptcy, you can pay back your past-due auto debt gradually with a debt repayment plan. The plan typically lasts for three to five years.
In addition to saving your vehicle, you may be able to discharge credit card debts, medical bills and other unsecured debts after the successful completion of your Chapter 13 plan. To be eligible for a Chapter 13 bankruptcy, you must have a regular source of income that will allow you to make monthly payments in accordance with the terms of your Chapter 13 plan.
Auto Loan Cram-Down
You may also be eligible for an auto loan cram-down. If your car loan is more than 910 days old on the day you file for Chapter 13 bankruptcy, you do not have to repay any portion of your auto loan that exceeds the current retail value of your vehicle.
Other Debt Relief Services
Another option is to file for Chapter 7 bankruptcy or to obtain a debt settlement of credit card debts or other unmanageable debts, thus enabling you to discharge debts that may help you to have sufficient financial resources to catch up on your past-due auto payments and pay the remainder of your auto loan.
The Automatic Stay
Chapter 7 bankruptcy and Chapter 13 bankruptcy each provide additional relief through the automatic stay. When your bankruptcy petition is filed with the court, the court will issue an automatic stay order that temporarily halts most creditors — including auto lenders and auto repossessors — from further collection activity.
Contact A Middlesex County Auto Repossession Attorney
From our office in East Brunswick, we serve clients throughout central New Jersey. We offer free consultations. Weekend and evening appointments are available. To schedule your consultation with East Brunswick auto repossession attorney Robert C. Nisenson, call 732-518-8038 or toll free at 800-645-9625. You may also contact us by email.