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.