Stop Repossessions

“WomanWhen a borrower falls behind on a car note, the bank can repossess the car wherever they can find it. They can not break the peace, enter a locked facility, or otherwise break the law, but they can get it from the street, a public parking lot or any other accessible spot. Once the car is repossessed, you have a short period of time to come up with enough money to get the car back or it will be sold at auction. Often the price at auction is much less than the blue book value. You will be responsible for the balance of the loan if the sale does not pay it off. This balance due after the sale is knows as an automobile loan deficiency.

A car deficiency is a dischargeable debt. The repossession will show up on your credit report, as well as the deficiency and any law suit filed to recover the deficiency. If you have co-signed for a loan for someone else, you may be responsible for a deficiency if the loan goes into default and the car is repossessed.

A bankruptcy can stop the repossession before it happens. A Chapter 7 will only stop the repossession temporarily. A car finance company can ask the court for permission to take the car within a month of filing the case.

A Chapter 13 can provide a plan to pay off the car loan over time. In a Chapter 13, you do not have to come up with the default to save the car from repossession. You have five years to pay off the balance of the loan.

Car leases are not as easy to cure in a bankruptcy. A repossession under a car lease will be stopped by the filing of a bankruptcy but, because of difficulties determining fees due at the end of a lease, normally you can not include it in a Chapter 13.

Contact the trusted bankruptcy lawyers in Tacoma, Washington for more information about repossessions and bankruptcy options.

Client Reviews
  • ★★★★★
    I cannot thank Mr. Newcombe and his staff enough. They are awesome. When I first contacted his offices, I didn't know what to do. I was overwhelmed and confused. He did an amazing job, I highly recommend him! I had two cases, and he got both of them dismissed. If you are in trouble, do yourself a favor, give him a call.
  • ★★★★★
    I had Mr. Newcombe's firm handle my ticket and I greatly appreciate their assistance. It was handle easily and with good communication from the associates. If you need assistance with some legal matters then I would refer you to them.
  • ★★★★★
    Jason Newcombe and his Associate's are all top notch individuals who will fight tooth and nail for you and go the distance to ensure that you receive the best outcome possible on your case. I would not be where I am today if not for the Law offices of Jason Newcombe.
  • ★★★★★
    I feel very fortunate that I chose Mr. Newcombe to represent me. He and his staff were amazing at keeping me informed and telling it to me straight. I don't plan on needing a lawyer again but if I do I'll be giving Newcombe a call.
  • ★★★★★
    Jason Newcombe is an excellent attorney. He is proffessional, well-spoken and intent on achieving the goals set out during his initial couseling. If you are looking for an attorney to best represent you throughout your court process, Mr. Newcombe is a gifted rhetoric who presents his cases flawlessly and dedicates the entirety of his free time into making sure his clients receive the best possible outcome.