Stop Vehicle Repossession in Florida
After making timely payments for years, the last thing you want to happen is for your car or truck to be repossessed. Unfortunately, that is exactly what can happen if you can't keep up with your loan. Your lender will repossess your vehicle, keep all the payments you've made, and still demand you pay the remaining balance.
Don't let this happen to you! If you are in danger of losing your car, you have options. Call or text DebtStoppers today at 786-420-4545 to schedule a no-cost debt evaluation with one of our experienced Florida bankruptcy lawyers. Our attorneys are well-versed in Florida laws and can help you stop repossession.
Understanding the Repossession Laws in Florida
To get the cash you needed to buy your car or truck, you probably took out a loan for the full cost of the purchase. As part of the process, you likely signed an agreement with a lender to make monthly payments until the total amount borrowed is paid back.
Under Florida laws and most auto loan terms, if you fall behind on your payments, the lender has the right to take possession of the vehicle. Once they repossess the car, the lender will sell or auction it to pay for the remaining balance on the loan. If it goes for less than the amount you still owe, the laws say you're still liable for the rest.
How To Stop It With an Experienced Attorney?
Florida bankruptcy laws allow you to avoid repossession while offering much-needed debt relief. Not only can bankruptcy enable you to keep your wheels, but it can also eliminate your other debts.
As soon as you file for bankruptcy in Florida, the court will issue an automatic stay prohibiting repossession. You can submit a petition under Chapter 7 or Chapter 13 of the Florida bankruptcy laws. If you file for Chapter 13, you can restructure your debt into a 3-to-5-year repayment plan. You won't have to give up anything you own as long as you stick to the payment schedule.
Chapter 7 allows you to completely eliminate debts instead of repaying them. While the laws permit a case trustee to sell your "non-exempt" possessions to repay your debts, most DebtStoppers clients don't lose a single thing in the process. In almost every situation, you can work out a plan that will let you hold on to your car.
How Long Does a Vehicle Repossession Stay on Your Credit?
A repossession will stay on your credit report for seven years, starting from the first missed payment that started the process. A voluntary surrender, where you turn your vehicle in before your lender comes to tow it away, is also considered a loan default and will stay on your reports for seven years. It will, however, be noted as voluntary.
If you're worried about repossession, call or text DebtStoppers today at 786-420-4545 to request a free initial consultation with one of our skilled Florida attorneys. We have helped thousands of families avoid repossession, and we can help keep your family on the road too.
Don't let a lender take away your vehicle! Call or text DebtStoppers today at 786-420-4545 to keep your car.