In many areas in the US, including Tennessee, owning a car is a necessity. You need a car to get to work, to get your kids to school, and get essential errands done so your family’s life can run smoothly. If you’ve fallen behind on your car payments and your lender is threatening to repossess your car, you may feel pretty desperate to avoid getting your car repossessed.
How Can You Prevent Repossession?
If you’re facing the threat of auto repossession or if your lender already took your car before you could stop it, you don’t have to accept the situation and move on without a vehicle. You can file bankruptcy to stop repossession of a car in Tennessee. If your car was recently repossessed in Tennessee, you might be able to get your car back by filing bankruptcy.
How Does Filing Bankruptcy Help Avoid Tennessee Car Repossession?
Whether your car was repossessed due to falling behind on a title loan or a conventional car loan, bankruptcy can help. In most situations, filing bankruptcy can protect your car from repossession, and may decrease your monthly payment amount. A lower payment may be all you need to get back on track. Bankruptcy will also address any other debt you currently owe and help you get a fresh financial start.
But Isn’t Filing Bankruptcy Stressful?
Some avoid filing bankruptcy because they fear it is too stressful or too difficult. However, the stress associated with overwhelming debt, and the constant worry of a pending vehicle repossession are far more stressful than the bankruptcy process. Depending on the type of bankruptcy you file, you may receive your discharge of debt within a matter of months. Immediately upon filing, all collection activities stop. Most bankruptcy filers agree that filing bankruptcy is far less stressful than attempting to put off creditors who are continually seeking payment for past due debts.
But Isn’t Bankruptcy Difficult?
Some avoid filing bankruptcy because they are under the impression that the bankruptcy process is complicated. However, working with an experienced bankruptcy attorney streamlines the process. With an experienced consumer bankruptcy specialist on your side, most discover that the bankruptcy process is not difficult. While bankruptcy law can be complicated, your bankruptcy attorney is experienced and knowledgeable in handling the details and the paperwork, so you simply have to provide all the information about your debts, your creditors, and your current financial situation. Bankruptcy law was actually created to protect consumers just like you from impossible financial conditions – the laws are literally in place to help you in your current situation.
If you are worried about your car getting repossessed, we can help. Most bankruptcy offices in the Chattanooga area don’t have a single Consumer Bankruptcy Specialist on staff. Our office is the only one in the Chattanooga area with two. Please get in touch. You are in good hands with Kenneth C. Rannick P.C.