Your vehicle is critical to your ability to work and perform necessary daily activities which significantly affect your life. If you are behind on your car, truck or motorcycle payments and you are at risk of losing your vehicle to repossession, take immediate action to protect your rights.
Peoria area car repossession lawyer Charles Covey has been helping clients find solutions to difficult debt challenges for more than 30 years. I have helped many clients save their vehicles from repossession. To learn more, contact my law office in Peoria, Illinois.
How Can Bankruptcy Help?
Even if you are several months behind on your vehicle payments, you may be able to avoid repossession with a Chapter 13 bankruptcy. With a Chapter 13 bankruptcy plan, you pay back debts gradually over a three- to five-year debt repayment plan. You can keep secured debts, such as a car, truck or motorcycle, by paying back any late payments gradually over the term of your payment plan. At the successful completion of your plan, you may also be able to discharge a portion of your unsecured debts such as credit card debts or medical bills.
Depending on the facts of your case, you may also be eligible for an auto loan cram-down. If your auto loan is more than 910 days old on the day you file for Chapter 13 bankruptcy, you do not have to repay any portion of your auto loan that exceeds the current retail value of your vehicle.
Depending on the facts of your case, a Chapter 7 bankruptcy may also provide the critical debt relief you are seeking. With a Chapter 7 bankruptcy, you could discharge unsecured debts, thereby freeing up money that may allow you to afford your monthly vehicle payment.
I offer a free consultation to review your financial situation and help you determine if bankruptcy is a good option for you. I will also help you determine which type of bankruptcy is best suited to meet your needs. I work with clients in Peoria and surrounding communities such as Pekin, Galesburg, Canton, and Washington.
Contact a Peoria Bankruptcy Attorney
Call 309-674-8125 to schedule your free consultation. You may also contact me by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.