How Do You Stop Auto Repossession By Filing Chapter 7?
When you fall behind on your car payments, the lender has the option of repossessing it. Your car will be sold at an auction and you could be responsible for the remaining balance. A repossession can be damaging to your credit file. This information remains on your file for seven years. If your car is in the process of being repossessed, you can stop the process by contacting the lender with adequate payment arrangements. Another way to stop repossession is by filing a Chapter 7 bankruptcy. Contact a bankruptcy attorney and start the process for Chapter 7 bankruptcy. Make sure you have a list of all assets and liabilities. Your attorney will need this information. When your bankruptcy has been filed, you will be assigned a case number, which shows that your case has been filed in the court documents. Contact your creditors. Once the bankruptcy has been filed, all of your creditors will be notified by the court that you have filed a petition for bankruptcy. An automatic stay will be iss
