Chicago Area Car Repossession Lawyers
Illinois Auto Repossession Attorneys
Are you behind on your car payment? Has your auto lender threatened to repossess your car, truck or motorcycle or has that same auto lender just repossessed the vehicle?
Bankruptcy allows you to stop an automobile repossession. It also allows you to recover a vehicle that has been recently repossessed. To learn more, contact an experienced bankruptcy lawyer at Edwin L Feld & Associates. We have helped thousands of clients who were struggling financially. We help clients obtain debt relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy.
How Can Bankruptcy Help? Are There Limitations?
You can stop your lender from repossessing your vehicle with a Chapter 13 bankruptcy. Chapter 13 bankruptcy can also require the finance company to return a recently repossessed vehicle back to you. Your Chapter 13 plan will allow you to pay the car as part of your Chapter 13 plan payment. In addition to saving your vehicle, you may be able to discharge your 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.
You may also be eligible for an auto loan "cram-down." This means that if your car loan is more than 910 days old on the day you file for Chapter 13 bankruptcy, you may be able to pay less than the full balance due and owing.
Another key concept to understand is the automatic stay. When you file for bankruptcy, an automatic stay goes into effect, which halts your creditors, including auto lenders, from taking further collection activity against you. The automatic stay stops a vehicle repossession.
Depending on the facts of your case, a Chapter 7 bankruptcy could also provide the debt relief you are seeking. A Chapter 7 bankruptcy allows you to discharge your unsecured debts so that you will be in a position to continue making your regular car payments.
Contact Our Chicago Area Auto Repossession Attorneys
We offer eight office locations to provide local representation to clients throughout the Greater Chicagoland area and surrounding suburbs. To schedule a free consultation with an experienced bankruptcy lawyer at our firm, contact us toll free at 888-645-4357. You may also contact us by e-mail.