Why It Is Important to Stop Repossession with Bankruptcy Attorney in FlorissantComments Off on Why It Is Important to Stop Repossession with Bankruptcy Attorney in Florissant
Similar to wage garnishments, repossessions are a type of punitive actions creditors take against individuals who have fallen behind on their payments. Also, similar to garnishments, it is possible to stop repossession with bankruptcy attorney in Florissant who can help navigate you thorough the process legally and professionally.
For anyone facing the possibility of having their vehicle, or some other type of property repossessed, it is essential to contact Teague & Associates, LLC today.
In a large number of cases, one of the best ways to halt repossession actions is to file for bankruptcy. When this occurs, an automatic hold will be put into effect in order to halt creditors from being able to contact a petitioner, as well as stopping creditors from moving forward to actually repossess the petitioner’s property, or take any additional action.
This means that creditors will have to wait for the bankruptcy case to proceed in order to determine if they will receive any type of repayment, how much it will be and when it will occur. Once bankruptcy has been filed for halting the repossession process, what occurs next will be dependent on a number of factors, which include the actual type of bankruptcy case that a person is pursuing.
Specifically, if a person files for Chapter 7 bankruptcy, they may have to liquidate a portion of their property in order to discharge a portion of their debt. Additionally, if a person has filed for Chapter 13 bankruptcy, they may have the ability to retain all of their property if they are able to device and then stick with a repayment plan for any outstanding debts.
Some other things to note when filing for bankruptcy in order to stop repossessions, is that court orders are not always required for a repossession to take place. Also, while bankruptcy can stop repossessions from occurring to begin with, it cannot reverse them if they have already occurred. This means that it is essential for anyone in this situation to contact Teague & Associates, LLC right away to have the best possible chance of eliminating the possibility of a repossession.
For more information on how to stop repossession with bankruptcy attorney in Florissant, contact Teague & Associates, LLC today at (314)899-4499.