“Secured debts” are debts that are attached to certain items such as car loans and mortgages. If you fall behind on these payments, creditors can take, or repossess, these properties. A common example is a car loan. If you fail to make your car loan payment, your bank or loan provider can “repo” your car.
If your car is repossessed beware. What appears to be a receipt may actually be a document transferring the title of your car to the creditor. Be cautious about signing anything.
Filing for bankruptcy stops repossession. The moment you file for bankruptcy, an automatic stay arises, making it illegal for your creditors to take any action against you. If your car was already repossessed, filing for bankruptcy may, in some circumstances, allow you to get your car back.
Filing for bankruptcy eliminates all of your debt — including your car loan. If you want to keep your car, you can reaffirm your loan.
Local Alexandria Law Firm Protecting Against Repossession
At the McBride Law Firm, we are a local firm with local roots. Attorney Tom McBride was born and raised in Central Louisiana. Today, our lawyers work and live in the local community. Clients throughout central Louisiana turn to our firm when they want experienced attorneys who are dedicated to helping or neighbors eliminate their debts, stop repossession and move forward with a fresh slate.
Stop Repossession, Contact The McBride Law Firm
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.