Stop Repossession with a Bankruptcy Attorney in Maryland HeightsLeave a Comment
There’s almost nothing more frustrating than having important possessions including the car that gets you to work taken by a bank or lender because you cannot afford the payments. However, it is possible to Stop Repossession with a Bankruptcy Attorney in Maryland Heights, if you are willing to take certain steps
Chapter 7 and Chapter 13 bankruptcy work differently, but both can be used to freeze collection efforts by creditors, which includes a repossession. This can be especially effective if the asset in question is a family car that is used to drive to and from work. Few courts will frown upon efforts to keep a bankruptcy petitioner employed and earning money.
But bankruptcy is not something to be taken lightly. It merits careful planning and consideration, experience, and a thorough knowledge of what’s at stake. And that’s where your lawyer comes in.
The first step to addressing repossession, is to retain professional legal counsel, who can examine your situation and make professional recommendations. In some cases, your lawyer can negotiate directly with a creditor or lender to stop the repossession, and develop a payment plan that fits within your budget.
In other cases, bankruptcy may be an option. Chapter 7, known as “straight bankruptcy,” involves the sale of assets and the discharge of debt. Chapter 13, which is a reorganization, is handled differently. Both can be used to stop a foreclosure, with court approval.
But every case is different and you need a professional attorney to look at your situation and provide some solid information before any decisions are made. So if you are ready to Stop Repossession with a Bankruptcy Attorney in Maryland Heights, call the legal professionals at Teague & Associates, LLC at (314) 899-4499 for a consultation today.