Utah Stop Car Repossession Lawyer
Salt Lake Bankruptcy Attorney
We have all heard horror stories about the Repo Man. No one wants to have a run in with the Repo Man. It is a life changing event that will not be forgotten. The most common run-in with the Repo Man involves automobiles.
Most people finance their cars with debt, and with debt comes the obligation to repay. With the failure to repay comes the Repo Man.
The Problem with Repossession
One of the biggest problems with having your car repossessed is that more often than not, you owe more than the car is worth. To compound matters, the bank is going to sell your car for what it can get. So, not only do you lose your car, but you will also be on the hook for whatever remains on the loan after the bank sells your car.
Don’t let this happen to you. Call us and we’ll walk you through your options.
The 3-5 Year Payment Plan
We can help you beat the Repo Man by filing a petition for a Utah Chapter 13 bankruptcy on your behalf. As soon as we file the petition the powerful automatic stay comes into play, meaning that your creditors have to stop all collections proceedings.
Unlike a Chapter 7 bankruptcy in which you will not be able to keep any vehicle worth more than $2,500, a Chapter 13 bankruptcy will allow you to keep your car and continue to make the payments, generally with a lower interest rate or without interest altogether. These reduced payments will last for the life of the payment plan, which typically runs 3-5 years.
We Offer Free Consultations
Want to bounce your financial situation off of someone who can help? Give Salcido Law Firm a call. Our bankruptcy attorneys will be happy to talk to you and give you a sense of what your options are.
Email us and we’ll get back to you within an hour Monday through Friday, or call us and talk to someone right away.