It is possible to stop auto repossession by taking action before your lender begins the process. If you have received a letter from the lender telling you that you have failed to stay current, you need to take it seriously. With the help of a professional lawyer, you can stop car repossession effectively.
- In order to prevent your car from being repossessed, you need to stay current on your payments. If you’re going through financial issues, call your lender and discuss a temporary suspension or reduced payment to allow the chance where you can get back on your feet. By staying in contact with them, you reduce the risk of repossession from occurring. This is a great way to prevent repossession from occurring, as they will notate your file that you called and are not just running from paying your debt with them.
- Another option is to consider refinancing. This will allow you to get a lower interest rate. The proceeds of the new loan can be used to catch up on existing auto loan debt and the future monthly payments. This allows you to get a new extended loan repayment period too.
- The last option is to sell your vehicle. This will allow you to pay off your debt completely. This also allows you to clear your auto debt and to give you peace of mind.
Schedule a Consultation to Discuss Repossession Today
Regardless of your vehicles or your finances, you need to hire an experienced attorney to help you when repossession is imminent. If you’re struggling to pay debts and want help restructuring your debt, it may be time to consider bankruptcy. We can help you to consider your options thoroughly and help you to make an informed decision on which bankruptcy type will benefit you the most. To learn more about our legal services and to schedule a consultation with one of our professional bankruptcy lawyers, call our law office today at 561-245-4705. We are proud to serve the Boca Raton, Florida area.