Filing a Chapter 13 bankruptcy will stop car repossession. Whether you lost your job or the financer refused to work with you, a bankruptcy can keep you in your vehicle. This is of course if you want to keep your car.
If you have a high interest car loan, filing a Chapter 13 may not reduce the interest for you. It depends on how long you owned the vehicle. So you could be looking at a 3-5 year repayment plan to keep an over financed car.
Instead, consider Chapter 7 debt elimination. You can give up the car (and the debt) and save to purchase a better, more affordable vehicle.
Peter Francis Geraci and Geraci Law attorneys can refer you to dealerships. Geraci Law clients return vehicles with 25 percent (plus) interest and drive away with car payments ½ of what they were paying. They are also debt free from other bills!
If you are struggling with car payments or if you are worried about repossession, call Geraci Law. We can review both Chapter 13 and Chapter 7 options to figure out what is best for you.