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Stop Repossessions!
...And Keep Your
Car Or Truck!
Is your car or
truck on the Repo man's List?
Bankruptcy can save your car or truck from being
repossessed!
Have you fallen behind with car, truck, van,
motorcycle, or RV payments? It's happens to the best
of us. The problem is trying to explain your
situation to the Loan Company. In reality, most loan
companies don't really care about your personal
problems. They are in business for one purpose, to
make money. You made an agreement with them and they
want their money or they want your vehicle.
The truth of the matter is that the Loan Company
will not tell you your legal rights concerning what
you can do or can't do about the situation. They
just want their money. Think about it. Bill
Collectors are generally paid based on how much
money they collect, and that means in our experience
they will many times say whatever it takes to get
your money. If it takes being nice, they will do
that. If it works, they get paid. If not, they will
likely tell you things that will scare the hell out
of you. Anything to separate you from your money.
The bottom line is that they want their money or
they want your vehicle.
Federal Laws were created to protect you in
situations that concern your budget, that cause you
deep emotional stress, or that leave you with too
many bills to pay.
Something happens in your life that you didn't
expect. You need some extra money, but you don't
have it. You don't want to borrow from friends as
it's too embarrassing, and borrowing from family is
out of the question. You start thinking to yourself
of ways to come up with money. Maybe if you put off
paying the house or car payment, you can get some
other bills paid, and hope that you can catch up
next month. It would only cost you a late charge. It
may start with an unexpected medical bill, or a work
related layoff or some situation that you didn't
plan for and there goes the budget. The next thing
you know it doesn't work out and here comes the Bill
Collectors! Send out the Repo-Man! Start the
foreclosure!
Not all lenders are that bad! As a matter of fact, a
few will bend over backwards to work with you but in
our experience that is the exception not the rule.
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The Bill Collectors don't have to wait after
you miss a payment. Most people think they
are O.K. as long as they are not more than 2
months behind. Nothing could be further from
the truth. The truth is that your car can be
repossessed if you are even one day late on
a scheduled payment. So why do some Bill
Collectors wait before sending out the Repo
Man. They really don't want your car but if
they have to when you don't pay them,
BAM your car is gone.
You might ask, “Why would the lender want my
car?” The answer is so that the lender can
under the law sell it and use the money to
pay down some of your debt. In some cases,
the whole idea is to resell it over and over
to various people and each time charge
plenty of extra fee's for the Repo, the
paperwork, the legal end, the auctioning of
the car and any additional fees laid out in
your original agreement,. This is in
addition to coming back at you for the rest
of the money still due on the loan. Some car
dealers resell a car several times. Sell it,
get paid some money, repo it, resell it, get
paid some more and so forth. Some years ago,
the show "20/20" ran a story that told how
some car dealers make as much as $27,000.00
on a $5,000.00 car.
Federal Laws allow you to keep your car,
100% of the time, if (1) you file a Chapter
13 bankruptcy, (2) you need the car, (3) the
car is not an unreasonably high priced
vehicle, and (4) you can afford to pay your
required Chapter 13 plan payments.
Sometimes, all you need is some help
catching up on delinquent payments. Chapter
13 can help with that. Many times, what you
need is to lower the amount you owe on the
car and possibly also the interest rate on
the car loan. In most cases, Chapter 13 can
help with that. Sometimes, you just need to
stretch out the payments to lower the
monthly payment. Chapter 13 can help with
that. In Chapter 13 using the Central
District of California as an example you can
pay out a car for up to 5 years.
It all depends on your situation, but if you
are behind on your car, truck or motorcycle
anything is better than doing nothing. You
can't just sit and wait. You have to act
because once the repo man has your vehicle
it may be too late.
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The bottom line is that we can help you keep
your vehicle most of the time, if that is
what you want. However sometimes a car is
not worth keeping or the car is an extra car
you cannot afford. In these cases using
Bankruptcy, we can many times dump the car
and along with it the entire debt. In other
cases, we can help you get rid of the car,
and substantially lower the amount you still
owe on the car. Sometimes, getting rid of
one car, especially one where you owe more
money on it than it is worth, avoids having
to trade it in and carry all that debt over
to the next car. This can be a tremendous
help and this may be the first step in
getting you into another car you can afford.
When we do the calculations, the car you
thought you wanted to keep turns out to be a
car you want to get rid of when you find out
just how much it will cost you to keep it.
You do have a choice. One way, or another,
we can stop the Bill Collectors calls and we
can STOP the Repo-Man from taking your car
and this all happens immediately, as soon as
your Bankruptcy case is filed. A Word of
Caution: Until you file, there is no
protection. If you are behind on your
vehicle act now to find out your options
before the repo man cometh.
We can explain how this negative time in
your life might turn out to be a blessing in
disguise. You can use Federal Laws to return
the car and pay the dealer nothing in a
Chapter 7 bankruptcy case, or hopefully,
very little in a Chapter 13 bankruptcy case.
In addition, with all or much of your
unsecured debt gone and your bankruptcy
discharge in hand many car dealers will
welcome you with open arms and put you right
back into another vehicle. They just want to
know you are free from other debts and that
you can afford the payments on the new car.
Sure they will hit you up for more of a down
payment or a higher interest rate but at
least you get wheels to drive and a way to
work without having to carry over the debt
still due on your last vehicle.
What we are discussing is Federal Bankruptcy
Law and your rights under those laws! If you
are over-burdened with bills and just can't
make it financially, bankruptcy can help!
Call us and setup a Free Visit, where we can
explain everything to you in detail. We can
help!
Call toll free 1-800-509-3200
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