If you find yourself in a position in which you are overrun by debt and unable to manage your payments, you have probably already started receiving phone calls from creditors and letters in the mail demanding payment. Some of these letters and calls may be to inform you that your creditors have initiated the repossession process, which is the process of reclaiming financed property.
If you are facing financial problems and have been failing to make payments on your auto loan, it won't be long before the creditor will try to repossess the vehicle. Vehicle repossession is a stressful thing to go through, and unfortunately most people aren't aware of their rights during the process.
For many Wisconsin citizens, debt can seem impossible to overcome, which is why federal law allows people whose debts exceed their assets to get a fresh start by filing for bankruptcy. There are two types of personal bankruptcy protection: Chapter 7 and Chapter 13. Each type has different benefits based on a person's specific financial situation. With a Chapter 13 bankruptcy, the consumer is allowed to set up a repayment plan whereby some debts may be paid off over a period of three to five years.