Stop Repossession in Utah
If you are like thousands of other individuals and families in Utah you may be suffering with the prospect of losing a car, truck or other vehicle to repossession. Repossession occurs when payments on an auto loan are missed and the bank or credit union takes (repossesses) the vehicle to satisfy some or entire loan. Car repossession can easily be stopped by filing for bankruptcy. As soon as a bankruptcy case is filed an automatic stay against your creditors becomes effective, which prevents creditors from repossessing the property. In some cases even property that has already been repossessed can be recovered after filing for bankruptcy.
With the assistance of our Utah bankruptcy lawyers we can help you sort out your personal financial situation and determine the best course of action to pursue. In many cases bankruptcy gives the best opportunity for a fresh start and allows you to keep the car you are driving or put you in a position that you can obtain a new car. Schedule a Free Bankruptcy Consultation today to find out what options you have.
Can I Restructure My Car Loan In Bankruptcy?
Can loans and other secured debts can sometimes be restructured in bankruptcy. For example, if the interest rate on your car is high, it may be possible to pay for the car through bankruptcy at a lower interest rate. If you owe more than the car is worth it may be possible to reduce the amount to pay off the loan to the car’s current value. In other situations bankruptcy may just allow you to keep the vehicle a couple of more moths while you make arrangements for a different vehicle.
Utah bankruptcy Auto Loans
When a bank repossesses a vehicle as a result of a default of an auto loan, the bank will sell the vehicle and sue you for the deficiency—the amount you owe under the auto loan that exceeds the amount for which they sold the vehicle. With the help of our knowledgeable Utah bankruptcy attorneys, we can help you stop creditors from repossessing the vehicle or prevent them from suing you for a deficiency. You can get your life and finances back on track with our help!
The main benefit that most of our clients notice immediately after filing bankruptcy is the peace that results once you have filed bankruptcy. No more collection calls and the associated fear, anxiety and loss of sleep. Get the relief of stress you need to get your life back on track with the help of our knowledgeable and caring legal professionals.