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Halt Repossession of Assets

Many people explore bankruptcy as a legal option to halt the repossession of a vehicle such as an auto, motorcycle, or boat. have helped thousands of clients file an emergency petition for bankruptcy to save their assets from seizure.

Avoiding Repossession through Bankruptcy Options

Under U.S Bankruptcy Code, the automatic stay provision prevents lenders from pursuing repossession of an asset, once a petition has been filed. This applies to both Chapter 7 bankruptcy, and Chapter 13 bankruptcy as well. It does not automatically allow you to keep the asset, however. To retain the vehicle, (or other asset) you must agree to a reaffirmation of debt and bring your loan payments current. By filing Chapter 13 bankruptcy, time is on your side, as you could have three to five years (depending on the agreed upon plan) to catch up on back payments.

Debt Valuation and Reduction of Interest Rate

In a Chapter 13 bankruptcy, if your vehicle loan is more than 910-days old, we can attempt to reduce the amount owed on the vehicle down to the value of the vehicle at the time of filing. In some cases, the interest rate can also be reduced to 5.25% through the bankruptcy. Even if you owe much more than your vehicle is worth, debt valuation or even an interest rate reduction provides relief from higher monthly payments. Through Chapter 13 Bankruptcy, you can also spread out the length of the vehicle loan over the 3 to 5 years to assist with relief of monthly payments.

Time is of the Essence

It does no good to attempt to recover repossessed property through bankruptcy after the lender has already seized it. Under state of Florida law, an asset cannot be recovered through bankruptcy once it has been repossessed. It is also critical to make timely payments once bankruptcy is filed. Otherwise, lenders may legally have the automatic stay vacated and the asset repossessed after all. Even if you are current on your payments with the bank and your payment is being deducted from your account, it is important to check with your bank to ensure that the automatic payments are still being deducted from your account, following the bankruptcy filing. (Some financial institutions void the automatic payment arrangement once bankruptcy is filed).

Recommended Forms of Payment

In order to ensure timely receipt, Englett and Associates advise clients to pay creditors by bank checks or money orders for a period of six months following bankruptcy. We also encourage them to send payments by registered or certified mail. If your car, motorcycle, or boat is at risk for repossession, call Englett and Associates at, (855) 215-2280 to set up an appointment. We offer debt relief solutions in compliance with U.S Bankruptcy Code.

While in a Chapter 13 plan, your vehicle payment will be part of your overall monthly payment to the Trustee and the Trustee will remit payment to your vehicle lender on your behalf.

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Orlando, Florida 32801

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West Palm Beach, Florida 33401

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St. Petersburg, Florida 33716

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Lakeland, Florida 33803

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Jacksonville, Florida 32202

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