Financial setbacks can make otherwise steady bill payers feel overwhelmed with debt. Missed payments often incur penalties that exacerbate your money problems. However, when an auto lender moves to repossess your vehicle, it’s time to contact an attorney.
Without a way to get to work, find suitable employment and keep critical appointments, life can get even more difficult. At the Agarwal Law Firm in Richmond, VA, we provide experienced, affordable legal representation to stop aggressive banks from taking away your means of transportation.
Benefits of Working with a Bankruptcy Attorney
When a lender approves a car, truck or SUV loan, they acquire an interest in the property. If you fail to make timely payments, they may have the ability to file a lawsuit to recoup the money and take control of the vehicle. In some cases, the bank doesn’t need to take you to court to repossess your property. However, lenders too often act in a manner that is fundamentally unfair to everyday people. When that happens, these and other legal defenses that can be argued before a judge.
- Active duty military service
- The lender commonly took late payments
- Grace period had not expired
- File notice of a bankruptcy
Taking the lender to court can be a strategic way to stop any repossession action and secure time to bring the account up to date.
Filing for bankruptcy can stop the repossession process and can even stop the sale of the vehicle if it has already been repossessed. If you are behind in your vehicle payments, please start the process as soon as possible.
Chapter 7 and 13 Bankruptcy in Richmond, VA
The importance of consulting with a determined bankruptcy lawyer cannot be understated. That’s because waking up and finding your car gone is a very real and frightening alternative.
If you are falling behind or anticipate a financial shortfall, it may be in your best interest to meet with a bankruptcy attorney who can help you keep your home and vehicles. If repossession efforts are already underway, our legal professionals are prepared to intervene. If the car has not been sold, we can help have your car returned to you after repossession. Contact us and schedule a consultation with our lead attorney to see if filing for Chapter 7 or Chapter 13 bankruptcy is the right option for you.
Frequently Asked Questions
What are the car repossession laws in Virginia?
Virginia law sets specific guidelines for the car repossession. If a loan has fallen into default, it may be seized through peaceful or voluntary repossession. In some cases, judicial intervention is required. It’s important to note that after a vehicle has been taken and sold, the borrower could be responsible for paying any outstanding balance. This is commonly known as a deficiency judgment.
Will car repossession affect my credit?
A car repossession generally results in a credit score drop of up to 100 points. Regardless of the type of repossession process, including voluntary, the blemish remains on credit history for up to seven years.
How does a car repossession work? What do I do next?
Car repossession is an act of seizing a vehicle when the borrower falls behind in payments. It’s generally in your best interest to contact a lawyer before the property is seized. If the car has been taken, you may be able to file a lawsuit for improper practices by the lender or their agents. Simply put. Call a lawyer.