Salinas and Monterey Repossession Prevention Attorney

Are you behind on your car payments and worried that your car will be repossessed?  Filing bankruptcy can prevent or postpone a repossession of your car.

Or if you have already had a car repossessed, you’re likely still responsible for the deficiency balance on the loan (e.g., whatever remains on the loan after the car is sold again after repossession). Bankruptcy can eliminate (discharge) that deficiency balance.

In many cases, a person may be stuck with a car loan with an extremely high interest rate but wishes to keep the car if only they could get the payments lowered. By filing Chapter 13 bankruptcy it’s often possible to get the loan payments lowered considerably by lowering the interest rate and by cramming down the loan amount to the fair market value of the car. So for example, if you owe $10,000 on the loan but the car is worth only $5,000, it’s possible to get the amount you owe to be $5,000 rather than $10,000.  Bankruptcy can save you money!

 

Contact Jeremy Peck for a free consultation and to discuss preventing repossession of your car at (831) 224-3199 or send an email!

Jeremy Peck serves residents of Monterey, Santa Cruz, and San Benito Counties helping them with their debts problems.