Having your vehicle repossessed is not only frustrating, but it can leave you struggling to get back and forth to work. In the event you had your vehicle repossessed, there are a number of ways you can get it back; one of those is filing for Chapter 13 bankruptcy.

Not only can you get your vehicle back, but you can revise your loan to make it more in line with your finances. However, you need to act upon this right away to prevent the lender from selling the vehicle. Find out more from Bueker Law Firm in Stuttgart, AR.

Automatic Stay

Once your bankruptcy attorney files a Chapter 13 bankruptcy case for you, an automatic stay goes into effect right away. This prevents your creditors from attempting to collect upon a debt or even contact you unless they go through the proper channels. The stay also prevents lenders repossessing your vehicle in the first place.

If they have already taken possession of the vehicle, it will prevent them from being able to sell it. Often, it makes the lender return your vehicle to you so you can negotiate the terms of the deal further and come to terms that work for you.

Paying Off the Loan

After filing for bankruptcy, you can begin negotiating your debt by proposing a new payment plan to the creditor. Not only will you be able to have your vehicle back in your possession, but you can extend the loan terms beyond your original loan maturity date.

You might also be able to reduce your interest rate and the total value of your loan, depending on what your vehicle is worth and how long ago you got the loan. The bankruptcy lawyer can walk you through everything to help you get the best deal possible.

If you need help regaining possession of your vehicle, you need a Chapter 13 bankruptcy attorney at law who can handle the paperwork for you and help you secure the best deal possible. The team at Bueker Law Firm in Stuttgart, AR, can help. Visit them online or call (870) 673-1313.