Stop Repossessions in Federal Way

Falling behind on your auto payments could result in your vehicle being repossessed by the lender. Unexpected financial problems are often what cause missed car payments, which is an indicator that that are other money problems. Living in fear of your car or other possessions being repossessed is emotionally draining, so if money problems are keeping you up at night you should contact our Federal Way car repossession attorneys for help.

If you've never considered bankruptcy as means to achieve debt relief, it's likely because you don't understand how the process works. Many hard working people in Federal Way feel like declaring bankruptcy is a last resort option, but it may be the only way to stop repossession and get a fresh start financially.

If you can’t live without your automobile, contact a bankruptcy attorney from our King County law office and find out whether you qualify.

• If you fall behind on payments, your car can be repossessed by the lender, but they can't take it from a locked garage or violate the peace to retrieve it
• When cars are repossessed, they're sold at auction, but if a balance remains on the loan it still must be paid
• Filing for bankruptcy in Federal Way stops all repossessions and may make it possible to get a car back after it's been repossessed
• Chapter 13 bankruptcy offers a long-term solution to vehicle repossession for those who qualify, but Chapter 7 may be a better choice for some

Filing for bankruptcy in Washington State stops the threat of vehicle repossession immediately. If the lender repossesses your automobile after your bankruptcy case has been filed with the court, they are required by law to return it.

Any number of financial issues can cause you to miss a car payment or two. If you keep missing payments, your auto loan lender may decide to repossess your car. Sometimes you can get a vehicle back after a repossession but there are never any guarantees, and it could come back damaged or missing any personal belongings that were left inside.

Filing for bankruptcy before a car is repossessed is undoubtedly the best option, but our Federal Way car repossession attorneys offer assistance no matter what your current situation.

Filing for Chapter 7 bankruptcy isn't a long term solution to car repossession in and of itself, but you may be able to get caught up on your payments if money is freed up after filing. If you declare bankruptcy after your automobile is repossessed, the lender may be willing to give you back your car if you sign a reaffirmation agreement. This option should be weighed carefully by considering your overall financial situation, because it basically removes it from the bankruptcy. Our Federal Way bankruptcy attorneys will offer you guidance as you make these sometimes difficult choices.

Chapter 13 bankruptcy consolidates your debt, making it easier to keep your car or get it back after it's been repossessed. Your payments are distributed over a three to five year period, lowering monthly costs so that you can maintain a payment schedule. This option may also reduce the overall amount of money you owe on the automobile.

If you're worried about the repossession of high-value pieces of property or other assets, your worries are likely unfounded. Creditor's usually don't put forth the effort to repossess assets like furniture and appliances because the process it just too expensive to make it worth their while.

If you have any questions or would like to put a stop to repossession, contact one of our bankruptcy lawyers in Federal Way for a free consultation.