Protect Your Assets in Phoenix
In any situation where you finance a purchase, there is a risk of repossession. This is because you are not technically the owner of the financed asset. The bank or lending institution owns the asset until you make your final payment. Although repossession is most commonly associated with automobiles, any financed item can be repossessed, including furniture, electronic appliances, and tools.
Missing payments on financed items can result in serious consequences, but a skilled Glendale repossession lawyer can help. At The Law Office of Larry P. Karandreas, I work directly with each of my clients and am fully involved with every single case. I have nearly 30 years of experience and am extensively familiar with how to leverage bankruptcy to protect assets in danger of being repossessed.
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Filing for bankruptcy can temporarily halt an imminent repossession of any financed item. When you file under any chapter of the bankruptcy code, you immediately benefit from a court order called the “automatic stay.” This order freezes all collection actions, including repossession, until your bankruptcy has concluded. It also prohibits collectors from contacting you or attempting other collection efforts, including foreclosures and wage garnishments.
Lenders can ask the bankruptcy court for special permission to repossess your car or other financed items despite the automatic stay. I am highly trained to negotiate solutions with lenders in these situations and will do everything possible to protect your assets throughout the process.
Get the careful legal guidance you need by calling (623) 254-5505 or contacting my office online. I offer free initial consultations.
Chapter 7 bankruptcy involves liquidation, a process where nonexempt assets are sold (or “liquidated”) to repay debts. This can sound intimidating, but with the help of an experienced Glendale repossession attorney, you can leverage state or federal exemption schedules to safeguard many of your most important assets, including your car. For example, under Arizona’s exemption schedule, you can exempt up to $6,000 of equity in your primary vehicle.
Your lender may still attempt to repossess your car during the bankruptcy process, and, depending on the circumstances, the court may grant their request. Several strategies involve working directly with your lender to avoid repossession from taking place in these scenarios.
Repossession avoidance strategies include:
- Curing your default. Most lenders will not bother to repossess your vehicle if you have the means to catch up on missed payments. This can become possible if a Chapter 7 bankruptcy allows you to discharge unsecured debts, freeing up resources that can go toward your vehicle financing.
- Negotiating with your lender. Repossessing your vehicle can be an inconvenient and costly process for a lender. If they repossess your vehicle during bankruptcy, the completion of the process will release you from any obligation to pay the remaining balance. Consequently, many lenders are willing to directly negotiate new terms. You may be able to discuss reducing your monthly payment amount, interest rate, or even principal balance.
- Redeeming your vehicle. You may be able to “redeem,” or buy back, your vehicle in a Chapter 7 bankruptcy if you are able to pay its fair market value. To do so, you must file a motion with the court and make a lump sum payment to facilitate the transaction. This can be a very useful option if your vehicle is worth less than what you still owe.
A Bankruptcy Lawyer Who Cares
With an over 90% success rate, Attorney Larry Karandreas takes your case seriously. He personally handles all client correspondence, never overbooks his schedule, and makes sure every client receives his full attention.
Limited Caseload to Ensure Personalized Attention
Attorney Karandreas ensures that his caseload is not overloaded in order to provide top-quality care and attention to each of his clients.
Little to No Money Down on Bankruptcy Filings
We offer as low as $0 down on Ch. 13 filings and as low as $700 on Ch. 7 filings for qualifying cases.
Returning a Repossessed Vehicle in Arizona
If your vehicle is repossessed before you are able to file for bankruptcy, there is a chance you can get it back if you act quickly. Lenders will generally want to immediately resell your vehicle to cover the outstanding loan amount, so you will only have a brief window of opportunity.
If you promptly file for Chapter 7 bankruptcy, you can ask the court to order the bankruptcy to order your lender to return a repossessed vehicle if you can meet conditions. You will generally need to be able to make up any past due payments and will sometimes need to reimburse the lender for any costs associated with repossessing the vehicle.
If you choose to file for Chapter 13 bankruptcy, a repossessed vehicle will generally be returned to you once you produce a repayment plan that promises to address the outstanding debt. In some cases, you may only need to promise to pay the fair market value of the vehicle.
Filing for either type of bankruptcy will allow you to legally possess the vehicle until your initial bankruptcy hearing. The trustee assigned to your case will then decide if a repossession can occur or if you can keep the vehicle if you need it to travel to work. As a Glendale repossession lawyer, I understand the intricacies of the bankruptcy process. If you are in danger of losing one or more assets to repossession, The Law Office of Larry P. Karandreas can review your financial situation and identify the legal tools available to you.
Contact my office online or call (623) 254-5505 to learn more about how we can help you overcome financial obstacles and protect your assets.