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Don’t take my car

You need your car. It is not a want; you really do need it. You kill yourself already trying to get around town to school, work and the various other things in which you are currently active, so public transportation just is not going to cut it.

Many people are struggling to keep up with payments on their cars. With lenders threatening to repossess their vehicles, what options do Florida residents have when faced with such situations?

Repossession is kind of a frightening word. The thought that the bank can take something you have spent your hard-earned money on seems wrong. Most people go through a bad patch financially at some point, so shouldn’t the bank be more understanding?

The truth is, lenders only care about getting their money. They don’t care that you had an emergency or that something happened to you or a loved one — or whatever the reason for your economic hardship. Unfortunately, it doesn’t take much for a lender to start the repo process.

The repossession process

In order to repossess your car, your creditor must have proof that you defaulted on your loan. In some cases, one missed payment is all it takes. After there is proof of default, your creditor can then:

  • Seize the automobile
  • Sell it
  • File a deficiency judgment — if desired

There is no requirement that your lender give you notice of repossession. They can send a repo man to your door, your work or anywhere else you may park the car in order to collect it.

How to stop it

In order to stop a repossession, there are a couple things you can do. The first is pay the loan. As this is usually not an option for most people, the second is to seek debt relief through legal means. By filing a Chapter 7 or Chapter 3 bankruptcy, the court will issue an automatic stay, which will prevent your creditor from following through with the repossession, at least until the bankruptcy petition is heard in court and approved or denied.

Get the financial relief you need

If your financial situation is suffering, your car may be subject to repossession. Learn about your options and keep your car.

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