Stopping Vehicle Repossession
Being behind on your vehicle loan payments, and the thought of waking up one morning to find it has been repossessed, is a very stressful ordeal. One of your biggest concerns is most likely what rights and options do you have in a situation such as this. preventing car, truck or automobile repossession is crucial because, once it is repossessed, you are very unlikely to get it back. This is due to the fact that you have to pay it off in full to get it back. If you had that kind of money to begin with you would not have fallen behind on the payments to begin with.
If you are late on car, mortgage or credit card payments and live in the Towson, Bel Air or Elkton, Maryland areas, call the bankruptcy attorneys at The Law Office of John P. Downs to discuss your case.
Your Rights When Your Car Is Repossessed
Once your vehicle is repossessed, the bank, finance company, lien holder or lender will most likely try to sell it. According to Maryland law they must give you written notice of the date, time and location of the sale. It is a wise move to go to the sale, so that you can make sure that the property is displayed and sold properly.
Unfortunately, the ordeal is far from over once your car is sold at auction. Many times the lender may make you liable for any difference between the amount owed and the amount the vehicle was sold for. It is in your best interest that the property to be sold at the highest possible price. This is because that amount of money will be applied toward your debt.
Should your vehicle be sold at auction, you can bring people who are interested in buying the property. Even if the property is not sold at auction, if you know of people who are willing to buy the property, get written bids from them and inform the creditor, both by telephone and in writing. Before the property is sold, you can still get the property back if you pay the full amount due or work out an agreement with the creditor to make up the back payments.
What About Personal Property I Left In The Vehicle?
If you had personal property in a car prior to the repossession such as clothes, personal items, etc. you have the right to get it back after the repossession. This can be done by getting in contact with the repossession company vs. the lender. It may take some digging to find out who and where that entity is.
As you can see, a vehicle repossession only further complicates your already bad financial situation. Avoiding a repossession is a wise move and can be done by filing bankruptcy. There are 2 bankruptcy options in Pennsylvania: Chapter 7 and Chapter 13. A knowledgeable bankruptcy attorney will explain all options to you so you can take control of your financial going forward.
Contact A Towson Bankruptcy Attorney Today
Please do not hesitate to contact the bankruptcy lawyers at The Law Office of John P. Downs today to discuss your options for obtaining debt relief and keeping your vehicle. They offer free consultations for those struggling financially in Maryland