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Filing for bankruptcy can protect your vehicle

| Feb 10, 2015 | Asset Forfeiture

One worry that you may have about falling behind on your vehicle payments is that you may soon be at risk for repossession. The longer you wait between going into debt and filing for bankruptcy, the more time creditors will have to repossess your vehicle.

There is one reason in particular that you may wish to consider filing for bankruptcy if your vehicle is being threatened with repossession; filing for bankruptcy can actually prevent any creditors from contacting you while you are in the bankruptcy period. This also means that your car will be protected from repossession during that time period. Additionally, filing for bankruptcy will help you to set up payment plans that you need so that you don’t risk losing your vehicle by paying off any debts that you may have incurred.

Creditor harassment can be detrimental to your life and car-loan creditors can pursue you persistently if you have not filed for bankruptcy yet. Without bankruptcy protection, not only may your vehicle be taken and sold by a car-loan creditor, but they may continue to harass you even after your vehicle has been repossessed. You may even be at risk for further harassment or monetary punishment such as wage garnishment. Bankruptcy filing may help you avoid all of that.

If you would like to read more about what you can do to stop vehicle repossession, please visit our web page. You will be able to find further information there that could aid you in keeping your vehicle safe from repossession.

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.