Stop Repossessions in Olympia

If you fall behind on your monthly car payments, the lender may attempt to repossess it. Financial difficulties are often the reason for missing car payments, so if you're living in fear that your car many be repossessed it may be time to consider ways to fix them. Fortunately, our Olympia car repossession attorneys can help you better understand how declaring bankruptcy can stop repossessions, while helping you get a fresh financial start.

Many hard working people living in Olympia are under the false impression that bankruptcy is a last resort option. The truth is that filing for bankruptcy may be the only way you can maintain ownership of your vehicle, eliminate debt, and start improving your credit, and you don't have to wait until your financial situation is at its worst.

If you need your vehicle, contact a bankruptcy lawyer from our Thurston County law office and find out if you qualify to file.

• Your automobile can be repossessed by the lender if you miss payments
• Repossessed cars are sold at auction to reimburse the lender, but if a balance remains on the loan you are required to pay it
• Filing for bankruptcy in Olympia stops repossessions and sometimes it's possible to get a vehicle back after it's been repossessed
• Chapter 13 bankruptcy is a more long-term solution to vehicle repossession, but Chapter 7 may still be a better option depending on your circumstances

Filing for bankruptcy in Washington stops all repossessions immediately, whether it be a vehicle or other piece of property. If your automobile is repossessed after your bankruptcy case is filed, the law requires them to return it.

Unexpected financial issues can result in missing a car payment. If you miss too many consecutive payments, your auto loan lender could repossess your car. You may be able to get your car back after it's been repossessed, but there are never any guarantees. Even if you do, your car could come back missing personal belongings that were stored inside, or even damaged.

Filing for bankruptcy before your automobile is repossessed makes the most sense, but our Olympia car repossession attorneys can help you in most situations involving repossession.

Chapter 7 bankruptcy doesn't offer a long term solution to car repossession, but may make it possible to get caught up on payments if filing suddenly frees up some money. Your lender may be willing to return your car after it's been repossessed, if you sign a reaffirmation agreement. This agreement essentially removes the vehicle from bankruptcy proceedings, so it should be carefully considered. Our Olympia bankruptcy lawyers offer reliable guidance as you make difficult choices regarding your finances.

Chapter 13 bankruptcy allows you to consolidate all debt. Vehicle payments are distributed over a three to five year period, which not only lowers your monthly payments but makes it possible to keep up with them. Filing for Chapter 13 bankruptcy may also reduce the overall amount of money you owe on the automobile, which can save you considerably in the long run.

If you're having concerns about high-value pieces of property or other assets being repossessed, your lawyer can address them. It's highly unlikely that creditors will pursue repossession of high value items like furniture and appliances because it's not cost-effective for the lender in most situations.

If you would like to stop the repossession of your car, end debt, and enjoy a fresh financial start, contact one of our bankruptcy attorneys in Olympia today for a free consultation.