Phone Call Us 414-326-9231
Toll Free 866-678-9352
Text Us 414-277-7742

How bankruptcy can stop auto repossession

Did you take out an auto loan to buy your car? If you did, chances are you signed an agreement that says your lender can repossess your vehicle without getting a court order or warning you in advance if you fail to make your monthly car payments.

However, you do have to be notified if your lender decides to sell your car after repossessing it. You must be informed if your car is going to be resold at an auction so that you have the option to bid on it. If your lender decides to sell your car privately, you have to be given the opportunity to buy it by paying off your loan balance and any costs related to the repossession. 

Of course, the best scenario is to avoid repossession altogether. If keeping up on your car payments isn’t a possibility, then you might want to consider filing for bankruptcy protection in order to protect your car from repossession.

By filing for bankruptcy, an automatic stay is put into place stopping your creditors from taking collection actions against you, including repossessing your vehicle. Bankruptcy can’t always block repossession permanently, but it can buy you time to get current on your payments, at the very least.

For example, by filing for Chapter 13 bankruptcy, a form of debt reorganization, it is possible to reduce your car payments to a manageable amount and then allow you to keep your car. Our firm has personally helped Wisconsin residents cut their car payments in half through Chapter 13.

It may even be possible to get your vehicle back after it has been repossessed.

If you are facing auto repossession on top of other debt problems, bankruptcy might be a good option for you. Talk to one of our friendly and approachable bankruptcy lawyers for more information. 

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map