Car Repossession and Bankruptcy

For most people, their car is one of their most valued possessions and the primary, or possibly only, means of transportation readily available. Therefore, if a person falls behind on their car payments and faces repossession, dealing with the situation can be emotional and overwhelming. Fortunately, those facing car repossession may be able to keep their vehicles by filing for bankruptcy.

While bankruptcy carries negative connotations for many people, it is actually an incredibly useful and common way for those with overwhelming debt to return to financial freedom. Therefore, if you are facing car repossession, you should consider pursuing this legal option. Contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, today at 414-377-0518 to speak with an experienced member of our legal team about your situation.

Stopping Car Repossession through Bankruptcy

In the United States, almost all personal (non-business) bankruptcies fall into one of two categories: Chapter 7 or Chapter 13. Individuals applying for either of these forms of bankruptcy may be able to keep their cars in the following ways:

• Chapter 7 – in many cases, a person’s vehicle will be exempt from asset liquidation (sale) under Chapter 7 bankruptcy, allowing them to keep their car from being repossessed

• Chapter 13 – debtors may be able to restructure their automobile payments on more favorable terms through Chapter 13 bankruptcy

In these ways, filing for bankruptcy may be enough to prevent an individual’s automobile from being repossessed.

Contact Us

If you are facing the repossession of your car, you may feel as if you don’t have any options. However, by filing for bankruptcy, you may be able to not only keep your car but also to return to financial stability. Contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 today to discuss your situation with an experienced legal professional.