Like many Americans, you may be struggling with debt because of the historic and unprecedented events of the past eighteen months. And if you have defaulted on your car loan, you may be living in fear of having your vehicle repossessed. While the situation you are facing is challenging, you do not have to go through your battle alone. With the assistance of a repossession attorney, you can receive the insights and guidance you need to determine the best next steps so you can retain possession of your automobile.
At CMC Law, our Georgia repossession attorneys will utilize their expertise to ensure you receive the optimal outcomes you deserve.
A Repossession Attorney Will Help You Negotiate with Your Creditor
If you have fallen behind on paying your car loan, one of the best first steps to take is to work with a repossession attorney to negotiate with your creditor. Your attorney can directly contact your creditor to explain your circumstances and discuss potential next steps to avoid repossession. This can include negotiating contract modifications or exceptions for late payments. In some instances, your creditor may be willing to grant allowances to avoid the costs associated with repossession and trial.
A Repossession Attorney Can Place an Automatic Stay on Your Creditor
If negotiations with your creditor fail, your repossession attorney can help you file for Chapter 7 or Chapter 13 to place an automatic stay. This is a temporary action that prevents your creditor from repossessing your car or filing a lawsuit for deficiency balance to give you time to sort your financial situation and determine your course of action. During this automatic stay, your creditor cannot contact you, send you bills, or engage in any collection activities during your bankruptcy filing. If they do, they can face sanctions or punishment that could negatively impact their case against you.
A Repossession Attorney Can Help You Retain Possession of Your Vehicle
Depending on your circumstances, you can retain possession of your vehicle even after it has been seized by your creditor. If your repossession attorney files for Chapter 13 bankruptcy within ten days of collection, you are eligible to redeem your vehicle under law O.C.G.A. 10-1-36. If your goal is to retain possession of your car, your repossession attorney will advise you to file for Chapter 13 bankruptcy over Chapter 7 bankruptcy because it allows you to potentially lower your interest rate and roll your debts into a single monthly payment that can be reimbursed over a three-to-five-year period.
Work With the Repossession Attorneys at CMC Law
While falling behind on your car loan payments can generate stress and anxiety, know that there are solutions that can help. When you work with the repossession attorneys at CMC Law, they will be there from consult to final decree to ensure you receive the resolution you need to strengthen your finances and move forward in a positive direction.
Contact us today to schedule a free consultation for your Georgia reposession.
When you work with CMC Law, you are guaranteed to be working with the best repossession attorneys in the state of Georgia.