Are you struggling to pay off debts on an old or used car? Is your poor credit score keeping you from investing in a better car that is less costly and requires fewer repairs?
According to a recent New York Times article, you’re not alone. In fact, millions of Americans have debts from subprime car loans that carry high interest rates. Many of these individuals simply cannot keep up with these costly car loans, sometimes resulting in aggressive debt collection tactics including lawsuits, repossession of vehicles and negative credit scores.
For the companies that deal in subprime loans, the collection of these debts has been a very profitable business, leading many Americans who find themselves on the receiving end of these debt collection agencies asking themselves, “Why after so many years and the repossession of my car am I still paying off debt on this car?” In fact, many Americans become trapped into paying off debts with accumulating interest on a car they may or may not own any more, making it difficult to break the cycle of financial hardship.
Seeking the help of an experienced bankruptcy lawyer can help you to stop creditor harassment and avoid repossession of your vehicle. If you are behind on your car, truck or motorcycle payments, it is important to take immediate action. You may be able to avoid repossession with a Chapter 13 bankruptcy, which allows you to pay back your debts gradually in a debt repayment program stopping creditors in their tracks and allowing you to achieve financial recovery.
Contact an Experienced Illinois Car Repossession Lawyer
Contact the Illinois Car Repossession Lawyer Charles E. Covey today if you have questions regarding bankruptcy protection today at 309-674-8125.