Repossession Lawyers Serving Local Communities
A sure sign of financial difficulties is the repossession of cars, furniture and other property that was purchased on some type of installment plan. However, it is possible to keep your car and other property when you file Chapter 13 bankruptcy. The lawyers at Urban & Burt, Ltd., help clients do just that. Led by Edmund G. Urban III, an attorney with 35 years of experience, our bankruptcy team is committed to assisting clients, guiding them through the bankruptcy process to help solve their financial problems.
The Automatic Stay
Chapter 13 bankruptcy stops repossession immediately through the automatic stay. Upon filing the bankruptcy petition, creditors, such as auto finance companies and banks, are prohibited from undertaking or continuing repossession efforts. The stay goes into effect even when the debtor is behind on payments before filing bankruptcy.
How Chapter 13 Stops Car Repossession
Once a Chapter 13 bankruptcy petition is approved, the debtor makes monthly payments to the bankruptcy trustee, who in turn makes the agreed-upon car payment. It is the car owner’s responsibility to stay current with insurance payments.
You May Be Able to Recover Your Car — Even After Repossession
Under certain circumstances, the court can order the vehicle returned if it was repossessed before you filed Chapter 13 However, the court will usually allow the return of the car or truck when the vehicle is essential for travel to and from work.
Contact the Oak Forest repossession attorneys at 708-381-5426 to learn more about our Illinois law firm and how we help clients keep their cars through Chapter 13 bankruptcy. As a full service law firm, we are also able to help clients with legal matters that may not have a bankruptcy component.