Jupiter Repossession Lawyer
An Attorney Can Stop Repossession of Your Assets
It is a great fear of many people—to look out their window one morning only to see that their car is gone, or is currently being towed away. Once your vehicle has been repossessed, it can be extremely difficult to regain possession of it. However, by working with an attorney you can stop a lender from repossessing your car, RV, boat, ATV, motorcycle, or jet ski. But you need to act fast because there is a limited window for legal action to be taken. The Jupiter repossession lawyers are here to help you today.
Subprime Auto Loans are a Driving Force for Delinquent Payments
Have you ever wondered why there are so many cars on the roads these days? In 2012, only 80 million Americans had an auto loan. Just five years later, 107 million Americans had a loan, according to CNN. There are now more auto loans than mortgages, and that is troubling for a variety of reasons, namely that transportation is too expensive for millions of working Americans and their only way to afford a car is to take out a loan that many will inevitably be unable to afford.
Whether you lost your job, have suffered from a medical condition or someone in your family fell ill, or you started off with poor credit and were lured into a sense of security by an auto salesperson who offered you a subprime loan with a 15 or 20 percent interest rate, once you fall behind on your payments, your car, truck, SUV, or van may be taken away from you. According to the Los Angeles Times, 6.3 million Americans are 90 days or more behind their auto loan payments. This number rose by 400,000 in just the last year, with an ever increasing percent of the population struggling to come up with enough money for their auto payments. Millions of people who did not know any better were essentially tricked into accepting subprime loans for their cars, which is the same thing that caused the Great Recession housing market crash of 2008. While real estate lenders are regulated more strictly ever since the housing market crash, consumers are being hit instead when they buy an automobile with the same racket.
The Time to Act is Now in Order To Prevent Repossession
By declaring Chapter 7 or Chapter 13 bankruptcy, you can stop the repo man before they arrive, and in so doing retain your car and other property. Once you file for bankruptcy, an automatic stay will keep anyone from touching your belongings, whether that includes your furniture and electronics, or car and kitchen appliances. Wage garnishment will stop as well. However, there are two stipulations:
- You have to catch up on your missed payments within a designated time frame; and
- You must file for bankruptcy before your property was taken by the repo man.
Call Our Jupiter Repossession Lawyers Today
Bankruptcy may not sound ideal, but it can provide you some breathing room, and the opportunity to catch up on payments without losing your possessions. But you need to act fast. The Jupiter repossession attorneys of Nowack & Olson can be reached today at your soonest availability at 888-813-4737. It is not too late to save your property.