Avoiding Truck Repossession in Illinois
Chicago bankruptcy attorneys protect your livelihood
Many small business owners and private contractors have trucks or vans they rely on every day. These vehicles are significant investments, which the owners usually must finance through a secured truck loan. When a business downturn prevents them from making payments, they run the risk of having their truck repossessed, which could be the final blow to their business. At DebtStoppers, we know how important it is for you to keep your truck or van so you can build your business, generate income and care for your family. We provide personal bankruptcy plans that allow you to:
- Keep a vehicle that's necessary for your trade
- Discharge overwhelming debt quickly, or
- Reorganize your debt into a manageable payment plan
Losing your truck or van can mean losing your business
Your vehicle loan contract makes your truck collateral for the loan. If you missed payments, ownership of the vehicle reverts back to the finance company. That's when your lender places a call to the repo man. Suddenly your vehicle is in jeopardy, and your livelihood with it. Suppose your truck was repossessed at night, with all the tools of your trade inside. How much work would you lose before you were able to reclaim your tools? Could you get your tools to a job site without your truck? What if your vehicle is a delivery van? They take your truck, they also take your inventory. How understanding will your customers be about the interrupted delivery? If you're running a food service, your wares are a total loss. Clearly, anyone running a small business that depends on a vehicle must stop repossession before it happens! But how?
Can a DebtStoppers bankruptcy plan save your truck or van from repossession?
Many small business owners and contractors operate LLCs and claim their business income on their personal income tax forms. When these individuals take out a loan to build or expand their business, the loan is often their personal obligation. In that case, they can file personal bankruptcy, either Chapter 7 or Chapter 13, which will immediately halt truck repossession. Which chapter to file depends upon your overall debt profile, which you can discuss for free with a qualified DebtStoppers attorney in Illinois.
Call DebtStoppers today to protect your truck and keep your business rolling
Get a free initial consultation and debt evaluation from an experienced bankruptcy attorney in Chicago and the vicinity. Call us today at 312-913-0630 or contact our office online.