Repossession of a vehicle is an unfortunate situation too many people suffer. If a borrower fails to make timely payments for a car loan the lender may begin the repossession process. See Florida Statute 537.012. For many, cars are essential to getting to and from work, school and repossession can have devastating consequences. Moreover, missed payments can lead to the bank initiating repossession without even providing notice to the borrower. Fortunately, there are options borrowers who need to stop car repossession in Florida. If you received threats of a repossession contact a bankruptcy attorney for legal advice right away on how to stop car repossession in Florida. An experienced Tampa bankruptcy attorney may be able to prevent the car from being repossessed and help you keep your car.
Stop Car Repossession in Florida with the Automatic Stay
If you have defaulted on a car loan, the lender usually can have the car repossessed without notifying the owner. See Florida repossession laws. When this happens, bankruptcy can help stop the repossession and have the car returned. The moment bankruptcy is filed an automatic stay goes into effect. The stay is a common solution for borrowers seeking to stop car repossession in Florida. The automatic stay forces creditors to cease all collections attempts against you. This means, creditors cannot continue to call you, continue with a lawsuit, repossess, or foreclose on your property. In this situation, timing is everything. If you may soon default on a car loan and need help with how to stop car repossession in Florida, it’s important to speak with a Tampa bankruptcy lawyer before your car is repossessed. If you want too long the automatic stay may not be able to help.
Stop Car Repossession in Florida with Chapter 7 or Chapter 13
Borrowers generally can file for either Chapter 7 or Chapter 13 bankruptcy. A bankruptcy lawyer in Tampa can provide options for how to stop car repossession in Florida and help advise on which form of bankruptcy may be best for your specific situation. Chapter 7 is a liquidation bankruptcy. Thus, in a Chapter 7 you may be required to sell certain assets as part of the bankruptcy. On the other hand, Chapter 13 is a restructuring bankruptcy, instead of selling assets to pay creditors you create a payment plan to pay back the amount owed. For more information on the differences between Chapter 13 & Chapter 7 bankruptcy call us at 800 990 7763 to speak with a bankruptcy attorney in Tampa.
Tampa Bankruptcy Law Firm
Chapter 13 is just one tool to stop car repossession in Florida. At Florida Law Advisers, we understand filing for bankruptcy can be a very confusing and intimidating process. That is why we work so hard to make the process as easy as possible for our clients. When you hire Florida Law Advisers, P.A., you get an experienced bankruptcy lawyer in Tampa by your side every step of the way. We will help ensure your rights are protected, keep you well-informed, and help you receive the most benefits bankruptcy can offer. To schedule a free consultation with a Tampa bankruptcy attorney call us today at 800 990 7763.