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      (719) 201-4527
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    Stop Vehicle Repossession by Filing for Bankruptcy

    Borrowers facing repossession of their vehicle or assets can protect their property from creditors by filing for Chapter 7 or Chapter 13 bankruptcy.

    Borrowers facing repossession of their vehicle or assets can protect their property from creditors by filing for Chapter 7 or Chapter 13 bankruptcy.

    Repossession is a tactic creditors use to try to compel borrowers into immediately paying them, and facing threats such threats vehicle repossession (or the potential repossession of other assets) can be both stressful and panic inducing. It’s important that borrowers know that, in such situations:

    • They are in the best legal position before creditors take action to repossess a vehicle or other assets.
    • They do not have to put up with potentially harassing phone calls and letters that threaten repossession.
    • They can protect their assets by consulting with a legal professional and filing for bankruptcy.

    Once a borrower files for Chapter 7 or Chapter 13 bankruptcy, a court injunction known as an automatic stay is immediately put in place. This automatic stay not only prevents creditors from contacting you about debts you may own, but it also prevents creditors from:

    • Repossessing your property, selling it and billing you for the difference between the sale price and the amount of money owned on the property
    • Foreclosing on your house
    • Garnishing your wages
    • Taking action to seize your bank accounts
    • Filing a lawsuit against you to try to collect on debts you may owe them.

    Stop Repossession – Property Exempt in Bankruptcy Cases

    Once a debtor takes steps to protect his property from repossession by filing for bankruptcy, such property – up to a certain value – will also be exempt from bankruptcy proceedings. This means that, by filing for bankruptcy, the borrower will ultimately be able to keep his property as long as it falls within the legal limits of bankruptcy exemptions. When it comes to vehicles, filing for bankruptcy allows for:

    • Up to $5,000 in vehicle equity to qualify as a bankruptcy exemption
    • Leased vehicles to be kept by borrowers, as leased vehicles have no equity
    • Borrowers to try to obtain car loans with lower interest rates, which can ultimately help them retain their vehicles.

    If you are being threatened with vehicle repossession and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

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    Contact us today at (719) 201-4527, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

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