Car Loans & Repossession
If you are making car payments to a bank or lender, then that bank or lender technically owns your car. If you miss a payment or several payments, it can begin the process of repossessing the vehicle. When you rely on your car to get you to work, school and other essential locations, the possibility of losing your car can become an overwhelming fear.
At the DiTocco Law Group, PLLC, our knowledgeable staff provides individualized bankruptcy services to clients throughout Broward County and Palm Beach County in Florida. If you have missed one or several car payments, you may be at risk of having your car repossessed. Our Fort Lauderdale bankruptcy lawyer, Tony DiTocco, can help you explore your rights and options.
What Happens If You Cannot Make Your Car Payments?
If you have fallen behind on car payments, the bank has several options, including:
- Repossessing your vehicle without prior notification
- Requiring you to pay off the entire balance of the car loan so that you may obtain possession of your vehicle once again
- Selling your vehicle at an auction
- Suing you for the price difference between what your car was sold for at auction and the amount you owed on the car
These scenarios are all possibilities, depending on your lender, its regulations and the number of payments you have missed. The sooner you speak with our Fort Lauderdale bankruptcy attorney, the sooner our law firm can identify your options.
If you decide to file bankruptcy, the court will issue an automatic stay on your behalf. The automatic stay puts an immediate halt to repossession attempts. The car can remain in your possession. At that point, you may be able to keep your car, or you may decide to sell it and purchase a more affordable vehicle. There are many options available — all depend on where you are in the repossession process, if the lender has already repossessed the car and your financial means.
Contact A Fort Lauderdale Car Loan And Repossession Attorney
Call 954-566-9000 or contact us online to schedule a free consultation to learn more about how you can stop repossession with bankruptcy. We have satellite offices located throughout Miami-Dade, Broward (Fort Lauderdale) and Palm Beach counties, so you can take comfort knowing there is a DiTocco Law Group, PLLC, office near you. Translation services are available for Spanish-speaking clients. Se habla español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.