How to Avoid Vehicle Repossession During Bankruptcy

 

Filing for bankruptcy is a cumbersome experience, and this process can be even more overwhelming if your car is on the brink of being repossessed. Fortunately, Lewis & Jurnovoy's team of experienced bankruptcy specialists have some helpful advice to prevent repossession during such trying times. Let us look at how you can safeguard your vehicle throughout this complex process. 

Safeguard Your Rights as a Debtor  

Filing for bankruptcy will immediately trigger an automatic stay on all debt collection activities such as property repossession. This means that creditors are not allowed to take your car while the bankruptcy process is occurring. But keep in mind that this measure of protection only applies if you properly and promptly file for bankruptcy. If any issues arise with paperwork or deadlines are missed, then the automatic stay could be removed again, leaving you exposed to asset seizure once more. 

Take Action to Shield Your Vehicle 

First, learn about state and federal laws concerning repossessions so that you comprehend what rights apply to debtors like yourself. Moreover, don't wait - contact the creditor immediately when it's clear repo might happen - this will let them understand your dilemma and possibly form a partnership with you to find an effective solution. Finally, if warranted, consider investing in insurance or storage coverage to ensure that your vehicle remains secure and guarded during the entire process. 

Filing for bankruptcy can feel like a frightening and daunting process, particularly when you're worried about the repossession of your primary mode of transportation. However, with Martin Lewis and Steven Jurnovoy from Lewis & Jurnovoy by your side every step of the way, it doesn’t have to be so overwhelming! They understand what an immense burden this situation may present—so let them assist you in making sure everything goes as smoothly as possible. 

 

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.   

Lewis & Jurnovoy, P.A.  
2714 West 15th St  
Panama City, FL 32401  
(850) 913-9110  
https://www.LewisandJurnovoy.com