Glendale Repossession Attorney

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. 


Has something as important as your car or other vehicle been repossessed? Click here to learn more about what you can do if it 
happens to you.


 

After my first phone encounter with Mr. Karandreas it was quite clear that I found a helpful, professional, and knowledgeable attorney. I would absolutely recommend him to anyone facing this difficult and often trying choice.
M.T.

Can Bankruptcy Stop a Repossession in Arizona?

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. 

Avoiding Vehicle Repossession During a Chapter 7 Bankruptcy

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.
Awards & Affiliations
  • State Bar of Arizona
  • Seal of the Supreme Court of the United States
  • Arizona Consumer Bankruptcy Counsel
  • Seal of the Supreme Court of Arizona
  • Avvo Clients' Choice 2016 Chapter 13

What Makes Larry Karandreas Different?

  • 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.
  • Nearly 30 Years of Bankruptcy Experience
    Although Attorney Larry Karandreas has done other areas of law, he is focused on providing top quality bankruptcy services because he gets to help people with particularly challenging cases.

Any Questions?
Speak Directly with an Attorney Today.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
You Have Nothing to Lose But
Your Debt!