Stop Repossession

The looming threat of car repossession is undoubtedly a situation filled with stress that no one wants to find themselves in. The most important thing is finding out how to avoid or stop car repossession. Don’t lose hope, as there are measures you can implement to avoid it. This article will assist you in understanding the process to stop car repossession in Georgia.

Vehicle Repossession Laws in Georgia

In Georgia, car repossession processes are regulated by specific laws that both borrowers and lenders must abide by. These laws are designed to afford borrowers certain rights and protections, ensuring fair proceedings in the event of repossession.

One crucial element of Georgia’s vehicle repossession laws is the requirement for lenders to provide borrowers with a written notice before reclaiming a vehicle. This notice should detail important information such as the amount due, the payment deadline, and the repercussions of non-payment.

Moreover, borrowers have the right to recover their vehicle by paying the full amount owed, including any fees or expenses incurred during the repossession process. This can be done until the lender sells the vehicle.

How to Stop a Car Repossession

Step 1

First, your vehicle’s interest rate can always be reduced. The amount paid in interest depends upon several factors, including your credit history, your car payment history, your income, and your likelihood of success in bankruptcy. In other words, interest is calculated on risk, and can be reduced to anywhere between 3.25 to 6.25%. Lower interest rates can translate to lower car payments. This will allow you to make car payments on time instead of avoiding them.

Step 2

Second, the amount paid on a vehicle depends on how long you’ve owned the car. If you have owned your car longer than 910 days, or 2.5 years, then you are only required to pay back the fair market value of the car, in contrast to the amount you owe on it. Courts determine fair market value based on the amount a consumer would pay for a vehicle of the same condition at retail. So, if you’ve owned your car for 2.5 years, and you owe $20,000, but the car is only worth $12,000, then you would pay $12,000 divided over 60 months, in addition to interest. This can bring huge savings and is a great benefit to filing for bankruptcy.

Step 3

If you have purchased your car within 2.5 years, you are required to pay back what is owed. You will still benefit from the reduced interest, however. If your car has been repossessed by a creditor within 10 days and has not been sold, you can get your car back by filing Chapter 13 bankruptcy, although you may be required to pay repossession and storage fees.

A creditor who sells your car before 10 days have passed cannot collect a deficiency, so creditors almost always wait 10 days before selling the car. If your car has been repossessed, but the creditor has not sold the car, you can still get it back through bankruptcy.

At CMC Law, we have had cases where automobiles were repossessed and our client waited to file bankruptcy over a month after repossession, and we were still able to get it back. However, there is no guarantee in these situations, so if your car has been repossessed, it is best to file bankruptcy immediately to increase your odds of retrieval.

Stop Car Repossession by Filing for Bankruptcy in Georgia

In Georgia, you can file bankruptcy to stop car repossession. Plus, you can get your car back after it has already been repossessed when you file bankruptcy.  When you are behind on your car payments, creditors have the right to repossess your car. Whether the creditor is going to show up unexpectedly at your home or place of employment to take your vehicle is a stressful fear.

Chapter 7 and Chapter 13 bankruptcy are avenues to stop car repossession. Filing Chapter 7 bankruptcy can at least temporarily stop repossession so that you can have a plan for how to address your financial situation. Filing Chapter 13 bankruptcy could enable you to consolidate past due payments to automobile creditors and other debts into a monthly payment.

In Chapter 13, you can even pay the car creditor less than the balance you originally owed, and you can reduce the interest rate. Whether you file a Chapter 7 or Chapter 13 to save your car, the automatic bankruptcy stay will apply to prevent creditors from taking your car from you without a court order. You can ultimately decide if you would like to keep your car or surrender it through bankruptcy.

Get Legal Counsel to Stop Car Repossession in Georgia

Borrowers need to understand their rights and options when facing car repossession. Consulting with a bankruptcy attorney in Atlanta, Georgia can provide valuable guidance and support in navigating the complexities of repossession laws.

If you’re currently under the threat of repossession, it’s crucial to act promptly. Reach out to our experienced repossession and bankruptcy attorneys in Atlanta, Georgia to learn more about your rights and how we can assist you in stopping repossession and regaining control of your financial situation.

If you have any further questions about how to stop a repossession with bankruptcy in Georgia, please call the Law Offices of Charles Clapp at (404) 585-0040.

Contact CMC Law on the web for a free consultation with an attorney.


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