When you procure property on credit and fail to pay the monthly bill, that property can, by law, be repossessed. If you are behind on your car payment or another secured loan and fear repossession, declaring bankruptcy could be the answer. Bankruptcy stops repossession efforts instantly and can prevent you from losing your property in the long term as well. If your vehicle has been repossessed within the past ten (10) days, we are able to demand that the vehicle be returned to you if you meet the criteria and file a Chapter 13 case. At the Houston law office of William K Vaughn, we aid consumers through the bankruptcy procedure. We understand how trying it can be to deal with a debt turmoil and the prospect of repossession, and we work effortlessly to aid you to get a fresh start through bankruptcy.
While filing either Chapter 7 bankruptcy or Chapter 13 bankruptcy will stop repossession attempts due to the automatic stay, Chapter 13 bankruptcy offers the best long-term choice to help you maintain ownership of your property. For anybody who is behind in your payments on secured loans, Chapter 7 will only stop that property from being repossessed during the time your case is open. Once your bankruptcy is settled, your property may nevertheless be repossessed unless a reaffirmation agreement can be negotiated.
With Chapter 13, however, you can sustain your vehicle and other secured property while paying back your debt generally over a three to five year time period. William K Vaughn has aided clients through Chapter 13 bankruptcies for over 18 years. He will help you produce a repayment timetable that works with your budget and allows you in order to keep your house, your motor vehicle, and your other property. When your plan is over, your residual eligible debts will be discharged giving you the opportunity to have a fresh economic start.
If you happen to be worried your car or other property will be repossessed for the reason that you are finding it hard to stay ahead of all of your debt, contact us to book a free consultation to talk about your situation. We will answer your inquiries and help you comprehend how bankruptcy can be just right for you.
The Houston Bankruptcy Law Firm of William K. Vaughn works with individuals and families throughout Harris, Montgomery, Fort Bend, Brazoria and Galveston Counties. Call us Today at 713-568-2762 Call us today for a complimentary initial consultation to discuss how Texas Bankruptcy can help you stop repossessions.