Stop Repossessions in Bellevue

Falling behind on your car payments could motivate the lender to seek repossession of the vehicle. Usually, car loan repayment issues are the result of other financial woes, because most everyone in Bellevue recognizes that owning a car is essential to their daily life. Having your car repossessed by a lender is embarrassing and frustrating, but you can take steps to avoid this end result by contacting one of our Bellevue repossession attorneys for help.

If you are worried that your car could be repossessed by the lender at any moment, bankruptcy is an option you may want to consider. Many people mistakenly believe that filing for bankruptcy is a last resort financially, but it may actually offer you substantial debt relief when you need it most.

If you want to stop the threat of repossession, contact a bankruptcy attorney from our Washington State law office today and find out how we can help.

• Your car can legally be repossessed by the lender but they cannot breach the peace or remove it from a locked garage
• Repossessed vehicles are sold at auction, but if you still owe a balance, you are required to pay it off
• Filing for bankruptcy in King County stops repossession and fully discharges the loan deficiency on your car
• Chapter 13 bankruptcy offers a long-term solution to car repossession via debt consolidation, but Chapter 7 bankruptcy may free up enough cash so that you can catch up on payments

When you file for bankruptcy in Washington State, the threat of repossession is immediately stopped. If a lender repossesses your car after you file for bankruptcy, they are required by law to return it. If you rely on your car to get to work, take your children to school, or just need it to get around, bankruptcy relief may be just what you need to get a fresh start.

Missing a car payment is often the result of falling behind on other bills. Once the cycle starts, it can be impossible to stop, and after missing just a few payments your car finance company may pursue repossession. Sometimes you can get your car back after it's been repossessed, but it may be returned with damage or missing any personal property that was stored inside.

It's best to file for bankruptcy before your car is repossessed, but our Bellevue repossession lawyers can offer you guidance under any circumstances.

Filing for Chapter 7 bankruptcy may not offer long-term solution to the threat of car repossession, but it can free up cash that makes it possible to get caught up on your car payments and keep the vehicle. If your vehicle has already been repossessed, you can still file for bankruptcy, but the lender may want you to sign a reaffirmation agreement before they return your car. This option should be measured carefully because you need to appraise your entire financial situation before considering a reaffirmation agreement. Our Bellevue bankruptcy lawyers can help you review these facts.

Chapter 13 bankruptcy allows you to consolidate your debt and spread payments out over time. This may make it far easier for you to keep your car, or even get it back after it's been repossessed. By distributing your payments over a three to five year period, you can significantly lower your monthly costs. In some circumstances it's possible to reduce the overall amount of money you owe on your vehicle.

If you're having concerns about other high-value assets in your home like appliances and furniture being repossessed, you probably have little to worry about. Repossessing high-value items costs creditors a great deal of time and money, so it's usually not worth their effort. This is also something you can discuss with your attorney.

If you want to prevent your car from being repossessed, or you want to get it back but are struggling with finances, contact one of our professional bankruptcy lawyers in Bellevue today for further assistance.