Stop Repossessions in Everett

If you fall behind on car payments, your lender may repossess it. Financial problems of any sort may lead to car loan repayment issues, which creates a huge problem because almost everyone in Everett needs a vehicle to get around. Having your car repossessed by a loan company is embarrassing, but one of our Everett repossession attorneys can help you take stops to avoid this end result.

If you're worried that your vehicle is in danger of being repossessed, you may want to consider bankruptcy as an option. Many people feel like filing for bankruptcy is the absolute last resort, but the truth is that bankruptcy can provide you with a fresh financial start while making it possible to keep your automobile and possessions.

If you need your car to function in your daily life, contact one of our Snohomish County bankruptcy lawyers today and find out how to prevent your automobile from being repossessed.

• Your automobile can legally be repossessed by the loan company as long as they don't take it from a locked garage or "breach the peace"
• Repossessed vehicles are sold at auction, but the borrower must pay for the balance of the loan, if any remains
• Filing for bankruptcy discharges any loan deficiency on your car and stops any attempt at repossession
• Chapter 13 bankruptcy offers a more long-term solution to vehicle repossession, but filing for Chapter 7 may afford you time to catch up on your monthly payments

When you file for bankruptcy in the state of Washington, all threat of repossession is immediately stopped. If a loan company repossesses your car after you petition the court for bankruptcy, they are required by law to return it. If you rely on your car to pick up kids from school, drive to and from work, or simply run necessary daily errands, this information is extremely valuable.

If you've missed a couple of car payments and are mired in other debt, it can cause your financial situation to crumble. You may miss another car payment, and this is often all it takes for a car loan company to pursue the repossession of your vehicle. You may be able to have your car returned after it's been repossessed, but there are never any guarantees. In addition, your car may come back damaged or without any of your personal property that was stored inside.

Filing for bankruptcy before your car is repossessed is your best course of action, and our Everett repossession attorneys are ready to help regardless of your situation.

Chapter 7 bankruptcy may not offer a long-term solution to car repossession. However, it can free up money, making it possible to get caught up on car payments. If you file for bankruptcy after your car has been repossessed, the loan company may require you to sign a "reaffirmation agreement" before your car is returned. This option should be considered carefully while taking your overall financial situation into account, so our Everett bankruptcy lawyers will fully explain the pros and cons.

Chapter 13 bankruptcy permits you to consolidate your debt, which makes it easier to keep your car or seek its return after it's been repossessed. By spreading payments out over a three to five year period, monthly payment may be significantly lowered. It may even be possible to substantially reduce the overall amount you still owe on the vehicle.

If you're worried about the repossession of high-value items in your home, like appliances or furniture, you should know that these items are probably safe from seizure. It costs creditors a lot of money to seek repossession of high-value items, so it's usually not worth their effort.

If you want to prevent your car from being repossessed, or pursue its return, contact one of our professional bankruptcy lawyers in Everett today and get professional guidance from an experienced litigator.