Car Repossession Lawyer in Kansas City
Stop Repossession in Missouri
Consumers who are delinquent with loan payments, such as those for automobiles, will likely face repossession. More than the hassle of losing your car, however, other damages come with a failure to pay. Late payments could turn over your account to a debt collection agency. You could experience wage garnishment, or you could even be sued in court. An experienced Kansas City repossession attorney can help you stop repossession in Missouri.
Car Repossessions Affect Your Credit Score
Car repossession can have a significant impact on your credit score since it generally stays on your credit report for seven years. Getting your car repossessed is not something that you would want to happen since it leaves you without a vehicle, negatively affects your credit history, and limits your ability to get affordable financing in the future. That is why it is essential to look into ways to avoid repossession, such as filing bankruptcy possibly.
If you cannot pay back your car loan, there is an excellent chance that lenders and automotive recovery companies will repossess it. As such, it is essential to act quickly.
If you plan to file for bankruptcy, consult with an experienced Kansas City bankruptcy lawyer from the Roach Bankruptcy Center, LLC. We can help you look into your options, and choose the best course of action for your situation. Call our car repossession attorneys at (816) 408-6708 to know more about your legal options.
How to Stop a Car Repossession
The term ‘repossession’ refers to reclaiming ownership of something that has not been paid off but still has significant value. Home foreclosure is a type of repossession, but the term is often associated with auto loans.
If you cannot make on-time monthly payments, the lender can reclaim the vehicle since they were listed as the lienholder on the car title. The lender will then sell it in the open market to cover the loan balance.
To know more about how you can stop repossession, speak with our experienced Kansas City car repossession attorneys at (816) 408-6708.
Repossession Laws and Regulations
In certain instances, a borrower can try to prevent the car from being taken by calling the police promptly. In general, local authorities cannot intervene since the situation is a private matter that you must resolve in a court of law. However, since the police are responsible for keeping the peace, they may have grounds to intervene if repo teams break the law.
A repossession company, for example, cannot trespass on private property to retrieve a car. While they have limited privileges to take a vehicle from a driveway, they generally are not allowed to enter your garage to repossess the car. Regulations stated under relevant repossession law may vary from state to state (or even from locality to locality). As such, it is always advisable to consult with a trusted car repossession attorney in Kansas City to know your rights under pertinent state law and guidelines.
What to Do After Getting Your Car Repossessed
Once a property is seized, it would be tough for debtors to reverse the situation. The lender charges off the account and may go to court to pursue any deficiency or leftover amounts due. In general, as soon as a credit account is delinquent, lenders can repossess the property tied to the loan. In most cases, a third-party company offering towing service for auto repossessions is contracted to retrieve the property.
It is essential to remember that a court order is often not necessary to start the repossession process. This means that if you miss a payment for your car loan, the bank could repossess the vehicle without notice. That is, as long as they do not use threats of force or breach the peace.
If you are late or missing payments, it is important to look into your debt options and find the best recourse. It is always in your best interests to take immediate action and cure a loan default before repossession occurs. If this is not possible, however, the best course of action could be declaring bankruptcy.
To know more about how you can halt repossession, call our experienced Kansas City car repossession attorneys at (816) 408-6708.
Filing Bankruptcy Can Stop Repossession
When faced with the above circumstances, most people try to contact the lender (before missing the payment) and ask the bank or credit union to negotiate a settlement that makes the account current. Some creditors would accept a payment arrangement proposal as long as it specifies when you will make the next payment and when the debtor intends to be entirely back on track.
Another way of avoiding repossession is to look for a debt consolidation loan with a lower interest rate or ask a friend or relative to cosign a loan for you or give you a personal loan. All these, however, are easier said than done.
Alternatively, if you’re facing mounting debt, one way to stop repossession is by filing bankruptcy. When you file for Chapter 7 or Chapter 13 bankruptcy, the automatic stay immediately takes place to prevent any debt collection efforts from creditors, debt collectors, collection agencies, or government agencies. Aside from stopping a car repossession, an automatic stay can also stop wage garnishments and prevent home foreclosures.
However, an automatic stay won’t stop criminal charges, child custody or alimony payments, or other eviction proceedings. Our experienced Kansas City car repossession attorneys can explain to you the benefits of filing bankruptcy and how it can help stop your car from being seized. Call us today at (816) 408-6708 to get started.
Chapter 7 Bankruptcy
If you choose to file a Chapter 7 bankruptcy, your creditors are generally prevented from repossessing the car. However, since Chapter 7 is a type of liquidation bankruptcy, this relief may only be temporary. Your creditors can go to court and and receive an order that allows them to repossess your car.
If you wish to file for Chapter 7 bankruptcy and keep your car, our Kansas City car repossession attorneys can help. Call us at (816) 408-6708 to schedule a consultation.
Chapter 13 Bankruptcy
On the other hand, if you choose to file a Chapter 13 bankruptcy, you can stop a car repossession by making the car loan payments part of the debt repayment plan. Under this type of bankruptcy, you are required to make the payments in a span of three to five years.
Our Kansas City car repossession attorneys can help you file for Chapter 13 bankruptcy and create a debt repayment plan that would suit your needs. Call us today at (816) 408-6708 to schedule a consultation.
Talk to a Car Repossession Attorney in Kansas City
Dealing with unmanageable debt can be overwhelming. To know how filing bankruptcy can help you avoid repossession, seek legal help from trusted Kansas City car repossession attorneys. Get reliable bankruptcy information from competent bankruptcy attorneys at the Roach Bankruptcy Center, LLC. Call our Kansas City bankruptcy law firm at (816) 408-6708 for legal representation and assistance.