Orlando Car Repossession Attorneys
Many people worry about losing their assets when considering bankruptcy as an option to stabilize finances. They are concerned that their car or house will be sold to pay off their debt. While this is a possibility, many individuals can take steps to protect their assets with the help of an experienced attorney.
Will I Lose My Car?
It is certainly a possibility. Unfortunately, individuals who have seen their debt spiral out of control can find themselves at the mercy of their lenders. It is important to remember, however, that filing for bankruptcy can afford you some protection and the ability to get a fresh financial start. By scheduling a free bankruptcy consultation with a lawyer at the law firm of Richard A. Heller, P.A., you can gain a better understanding of how bankruptcy can work for you.
There are typically two ways to lose your car when you file for bankruptcy.
- Bankruptcy trustee: If you cannot exempt the car from the bankruptcy proceedings, the trustee might decide to sell the car and use the proceeds to pay off debts. It might be possible to work out a buyback with the trustee to keep the car. We can examine your situation, determine what assets are at risk, if any, and provide advice about how you can do this.
- Lender (lien holder): With a lender, it might be possible to "reaffirm" the debt. In this case, the court may need to approve it. If the court allows reaffirmation of the debt, it's as if the bankruptcy never happened with regard to the vehicle. Failing this, many lenders will work with individuals who have a good payment history to create an informal agreement. An experienced attorney can guide you through this process.
It is important to remember that every situation is different. Our Florida attorneys can investigate your financial situation and explain your options to you. We will also take the time to educate you on how bankruptcy can help you and the challenges you might face.
Professional Legal Services
Have your case handled by an attorney with the experience necessary to provide you with the level of representation you deserve. Contact us today. We offer free initial consultations for bankruptcy and family law matters.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
