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If you’re worried about someone repossessing your car in Tennessee, filing for bankruptcy might help. When you file for bankruptcy, an automatic stay goes into effect. This stay is like a legal shield that stops most creditors from collecting debts, including repossessing your car. There are…
When someone finances a vehicle purchase, the vehicle they acquire serves as the collateral for the loan. Lenders can feel comfortable providing auto loans even when people have mediocre credit scores because they can repossess the vehicle if someone defaults on the loan. Vehicle repossession deprives…
The average cost of a motor vehicle has increased significantly in recent years. More complicated systems in vehicles and used car shortages have combined to drive up what people pay for transportation. With higher vehicle costs come more financed transactions. Those in need of new vehicles…
Modern vehicles are so expensive that most people cannot afford to purchase one without financing. Car loans allow employed individuals of all income levels to afford reliable transportation with a reasonable down payment and monthly payments on the vehicle. There will typically also be special insurance…
Your vehicle is one of your most important possessions. Without it, you might lose your job or not be able to take care of your family properly. If you are like many working professionals, you don’t fully own the vehicle that you drive. It is a…
If circumstances have made you fall behind in your car payments, the lender may consider repossessing your vehicle. However, a Chapter 7 bankruptcy can temporarily delay your car repossession, allowing you more time to fix the situation. Once you file for Chapter 7 bankruptcy, it triggers…
Plenty of people have been in this position: They can’t make their car payment on time, but they need to go to work to earn the money to pay their bills. They know that a repossession is possible, but so long as they move their vehicle…
When you are facing significant debt that you cannot manage, your financed property is at risk. Under the right of repossession doctrine, your creditors can take action to reclaim vehicles, jewelry, artwork and other items that you have not completely paid off. As you explore your…
A common question that debtors ask is whether filing for bankruptcy can stop their vehicle’s repossession. Whether pursuing this option will help depends on how far behind you are in making payments and how willing your lender is to work with you. What happens when you…
You’ve been getting behind on your bills and struggling to make ends meet. You are frustrated by this, but you’ve done all you can to try to catch up. You even took a second job, just to try to catch up on your missed payments. Now,…
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