Repossession Rights

: Chris Lee Law Firm

  Filed under: Loans

Having a car repossessed is a stressful experience, especially if you have no other means of transportation. Dealing with financial hardship can put pressure on your ability to maintain a car payment, but missing a payment could lead to repossession. So what do you do?

Keys To A Solution

First, understand that your debts are your responsibility. When you signed a contract for your car loan, you agreed to repay the loan as specified in the payment schedule and acknowledge that failing to abide by those terms could result in losing the car. However, this isn’t to say that you have no options.

When dealing with debt and the risk of repossession it is extremely important that you get in touch with your lender. Discuss your financial hardship and ask about ways you can resolve your debt without losing your car. You may be surprised to learn that many lenders are willing to work with you, but time is of the essence. Don’t wait until you receive a repossession notice before taking action.

If your lender isn’t willing to work with you or you can’t find a solution that fits your budget, consider filing for bankruptcy. Bankruptcy can prevent an impending repossession and allow you to keep the car while working out a payment agreement. It is a good idea to contact a Dallas bankruptcy lawyer to help review your situation before filing your case, they can help you evaluate all of your debt relief options.


Are you a candidate for bankruptcy?
Would you like to find out if bankruptcy is the right option for you? Try our Free Online Bankruptcy Evaluation. 4 easy steps to see if bankruptcy could be the right option for you!
  • Step 1
  • Step 2
  • Step 3
  • Step 4
Please Select Each Box That Applies To You
Creditor Harassment
Loss of Income
Foreclosure
Disability or Illness
Current Expenses
Auto Loans
Credit Cards
Medical Bills
Payday Loans
Do you have any additional information you would like to share?
Contact Information