Defaulting on a debt payment is not a position anyone wants to be in, especially if you have property on the line. Missing a car payment can lead to repossession much faster than you might expect. Luckily, you do have some steps that can help you keep your property.
Hitting The Brakes
Having a car repossessed can easily accelerate your financial troubles. Without a car you may not be able to get to work and earn a paycheck. If you are facing a repossession here is what you should do:
Contact your creditor — find out exactly where you are in the repossession process, whether your account has recently been sent to collections or whether your vehicle is already on the pick-up list.
Try and negotiate — if you have recently missed a payment, or missed only a few, you may be able to negotiate a plan to repay your debts before they take back your vehicle. Be flexible and offer to work with a modified payment plan to get caught up as quickly as possible.
Consult an attorney — depending on where you are in the repossession process, a Dallas bankruptcy lawyer can help. If your debts are recent but are experiencing a significant financial hardship, filing for bankruptcy can be a solution to immediately halt the upcoming threat of a repossession. In many cases, you may be able to resolve your debt with creditors easier through the court than in a direct negotiation.