Helping Illinois Residents Keep Their Vehicles
Losing your car or truck severely limits your freedom. It may be very difficult to pick your child up from day care, get to medical appointments or perform other necessary tasks.
If your vehicle is in danger of being repossessed, turn to North & Sedgwick Law in Illinois. The firm's attorney, Paul Camarena, is available to answer your questions and explain how bankruptcy may enable you to keep your vehicle or regain a vehicle that has already been taken.
In many cases, filing bankruptcy within 10 days of having a car repossessed can make it possible to get the vehicle back. Contact the firm to learn more.
What Filing Bankruptcy Can Do
Filing for Chapter 7 bankruptcy offers a few options to stop car repossession. It may allow you to make up the overdue payments and reaffirm the loan. Alternatively, you may be able to buy the car outright for less than the amount of the loan.
Filing for Chapter 13 bankruptcy provides even more possibilities. One is repaying the loan through a structured repayment plan. In certain situations, you may also be able to lower the interest rate.
Even if your car does end up being repossessed, filing bankruptcy can discharge any deficiency judgments. A deficiency judgment may be caused by the vehicle selling at auction for less than you owe.
Talk To An Experienced Chicago Debt Relief Attorney
To learn more about your options for avoiding car repossession in Illinois, do not hesitate to schedule a free initial consultation with a lawyer. Call North & Sedgwick Law at 312-878-8429, or contact the firm via email.
El abogado habla español.
†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.