Domestic violence was a part of my family's life for years. When I made the decision to leave with my children, I had to rely on the law to provide the protection we needed. Sometimes, the system does not work as fast as we want. I soon learned that going at it alone without any guidance caused significant delays. I created this blog to help others who are seeking legal means to deal with an abusive ex. By making the right moves, it is possible to get the necessary protections in place so that you can also live a happier and healthier life.
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Regardless of where you live or what you do, a car is a staple in many homes today. If you find yourself falling behind on the payments and are facing repossession, a Chapter 7 bankruptcy might be just what you need to hold onto your vehicle and get back on your feet. If you don't want to keep your vehicle, it will buy you enough time to try and find a more affordable option. Follow these steps to get back on track without having to worry about losing your mode of transportation.
Stay in contact with your lender.
The main thing you need to do is remain in contact with the lending agency. They would rather have you making some payment on the vehicle than take the vehicle back from you. Try to work something out with them before it gets out of control. If you are unable to do so, or if you simply don't try, there is a good chance that repossession is in your future.
Prepare to pay the difference.
If the lender does come after the car and repossess it, you could wind up finding yourself with a hefty bill to pay and nothing to show for it. Oftentimes, the lender will take the vehicle and sell it for whatever they can get for it. The difference between what you owed them and what they sold it for is now your responsibility. Remember, they aren't going to spend a bunch of time trying to get the most they can out of it. They want their money as quick as they can get it. Thankfully, you can discharge this extra in a Chapter 7 bankruptcy.
Explore the other options available to you.
Beyond throwing the repossession into a bankruptcy, there are other options available to you to hold onto your vehicle. Ask your lawyer about a redemption, cram-down or reaffirmation. All of these come with their own unique set of benefits to you as the borrower. Once you know what they all have to offer in your specific situation, you can determine which one is going to work the best for your specific situation.
Spend some time going over all of the options available to you with an attorney. They can help guide you through the whole process and point you in the right direction to help get your finances on track and your vehicle payments under control.
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