Berks, Montgomery, Chester County Auto Loan Debt Lawyers
It is easy to fall behind on auto loans, but it not easy to dig yourself out. If you are more than a few months behind on your auto loan, there can be serious troubles ahead. Most likely, you will be threatened with repossession unless the amount owed is paid back. With an auto repossession, the borrower could be facing thousands of dollars in back payments and fees. Additionally, credit scores for the borrower will be severely affected.
Outside of a major city with strong public transportation systems, most people cannot live without personal transportation. Losing your car to repossession may risk your employment, along with the ability to complete daily tasks like visits to doctor’s appointments or the grocery store. At Ross, Quinn & Ploppert, our Pottstown area Bankruptcy attorneys will work with you to get you the best possible results based on our specific circumstances.
Protecting Your Car in Bankruptcy
If you are more than a few months behind on your car payment and cannot catch the payments up to date, you may have very few other options other than filing bankruptcy. A Chapter 13 bankruptcy filing will allow you to keep your car while paying back a percentage of the money owed through a reasonable payment plan.
In many cases, our attorneys may be able to “cram down” the value of your car with your auto lender. A “cram down” means we negotiate with your lender to make the value of your loan more accurately reflect the value of your car. Allowing us to work with your lender can give you the chance to keep your car while receiving a lower monthly payment obligation.
Discharging Debts and Deficiencies on Your Car
There are times when you may no longer need a car, or no longer want to keep the car due to a high monthly payment. In these cases, we can help you release the car without having to pay another dime. Generally, if you have a auto repossessed, the lender will sell the car at auction. The borrower will still be left to pay the difference between what the lender received at auction and the outstanding balance of the loan. A Chapter 7 bankruptcy can disperse that debt, and gives you, as the borrower, no obligations to that lender in the future.
Contact Our King of Prussia Area Bankruptcy Attorneys Today
Our attorneys are ready to discuss your concerns and provide answers. Our attorneys represent clients in Pottstown, Norristown, West Chester, Reading, and the surrounding areas. Contact our Pennsylvania debt relief law firm today to learn more about what we can do to help you overcome your legal troubles.