Hiding From The Repo Man Isn't A Solution To Car Repossession

Are you afraid to leave your house because the repo man is waiting for you

? Have you been late to work just because your car is in hiding? If your car is in danger of repossession, you may feel stuck. The truth is that you've got another optionand one that doesn't include hiding from the repo man.

One option would be to allow your car to be repossessed. I'd assume, however, that if you wanted to let your car be repossessed, you wouldn't be spending your time and energy hiding from the repo man! Plus, if your car is sold for less than you owe, there will be a deficiency balance which you will have to pay back to the lender. Perhaps the most frustrating part of an impending repossession is that you don't have enough time to come up with an alternate plan. How could you possibly find another mode of transportation before your car is being towed away by the repo man?

There is a kind of bankruptcy that could stop your repossession and help you keep your car in the process. Not only can Chapter 13 put a stop to the repo man, it can also give you the time you need to develop a plan that allows you to repay your car loan, including missed payments, over 3 to 5 years.

Why would you want to put your car loan into a Chapter 13 payment plan? First, you will be paying your loan at the Bankruptcy Court's interest rate, which is typically lower than any interest rate from a lender. Second, if you've had your car for more than 910 days (about 2 years), you can repay the loan up to the fair market value of your car (or the remaining loan balance, whichever is less).

You can knock down your loan payment AND stop hiding from the repo man with a Chapter 13. Plus, you have time to decide what you want to do with your carand the rest of your debts. In the meantime, you won't have your wages garnished, creditors harassing you by phone or mail, or the repo man lurking in your driveway.

A bankruptcy law firm knows how to help you get out of debt. Don't underestimate the power of debtit can start with a few late payments and spiral very quickly into a situation that is no longer in your control. There is no shame in taking a helping hand. If you don't do anything about your debt, it won't go away. You must do something about it if you want things to change.

by: Jim Brown

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