Stop Repossessions in Tacoma

If you fall behind on your monthly car payments, your vehicle can be repossessed by the lender without warning. Serious financial problems are often the root cause of missing car payments, which makes sense because almost everyone in Tacoma needs a vehicle. Having your car repossessed is frustrating and embarrassing, but our Tacoma car repossession attorneys can help you take steps to avoid this end result.

If you live in fear of your car being repossessed for non-payment of your loan, it may be time to consider bankruptcy as way to find debt relief. Lots of people living in Tacoma feel like petitioning the court for bankruptcy is a last resort, but in truth it may be the best way for you to stop repossession and get a fresh financial start.

If living without your car is not an option, contact a bankruptcy lawyer from our Pierce County law office and find out how to prevent it from being repossessed.

• Your car can be repossessed by the lender as long as they don't take it from a locked garage or violate the peace to get it
• If your car is repossessed, it is sold at auction, but if a balance on the loan remains, you are responsible to pay the balance
• Filing for bankruptcy in Tacoma stops repossession dead in its tracks
• Chapter 13 bankruptcy provides a more long-term solution to car repossession, but Chapter 7 may also offer a solution based on your situation

When you file for bankruptcy in Washington, threat of repossession stops immediately. If the lender repossesses it after your case is filed in bankruptcy court, they are legally required to return it. If you rely on your car to get to work or get children to and from school, then you understand how powerful this tool truly is.

Large amounts of unexpected debt can cause you miss a car payment or two, which may cause your finances to collapse into a tailspin. If you miss another payment, your car finance company may be motivated to pursue repossession of your car. You may be able to get your car back after it's been repossessed, but there are no guarantees, and it may come back with damage or missing personal belongings.

Filing for bankruptcy before a car is repossessed has obvious benefits, but our Tacoma car repossession lawyers can help you under most circumstances.

Filing for Chapter 7 bankruptcy is not a long-term solution to car repossession, but it may allow you to get caught up on your monthly car payments by freeing up some cash. If your vehicle is repossessed before you file for bankruptcy, the lender may want you to sign a reaffirmation agreement before giving you back your car. Take the time to weigh this option carefully. Make the best choice based on your overall financial situation, even if it means letting the car go. Our Tacoma bankruptcy lawyers can help you weigh your choices based on the overall picture.

Chapter 13 bankruptcy is different in that it allows you to consolidate your debt. This makes it easier to keep your car, or even get it back after it was repossessed. Your payments will be spread out over a three to five year period, which allows you to significantly lower your monthly costs. It's also possible that this action will reduce the overall amount of money you owe on the car.

If you have concerns about high-value pieces of property in your home being repossessed, your worries are probably unfounded. It's expensive for creditors to repossess items like appliances and furniture, so they usually don't put forth the effort.

If you want to stop your car or belongings from being repossessed, contact one of our professional bankruptcy lawyers in Tacoma today and let us help.