Stop vehicle repossession in Nevada
After making your car payments on time for years, losing your vehicle to repossession is the last thing you want! Unfortunately, that is precisely what can happen if you fall behind on your payments.
According to Nevada laws, auto lenders can:
- Assume ownership of your vehicle.
- Sell it at an auction.
- Keep the cash you've already paid.
- Go after you for the outstanding loan balance.
If you’ve fallen behind on your payments, you can still stop repossession, but you have to hurry. Call or text DebtStoppers today at 725-373-5900 to request a free debt evaluation with one of our knowledgeable Nevada attorneys. Our knowledgeable lawyers can explain how bankruptcy laws can help you keep your car.
Nevada Repossession Laws
If you financed your car or truck, you probably signed a contract with the lender that requires you to pay monthly installments until you’ve paid back the full balance. Under the terms of most auto loans (and Nevada laws), if you default on your payments, the lender can take back — repossess — the vehicle.
You can choose to return the car yourself as a voluntary surrender, or the lender will send the repo man to tow it away. Nevada laws offer some protection against abuses. During repossessions, agents cannot:
- Breach the peace
- Threaten you
- Touch you
After the lender repossesses your vehicle, they will auction it and put the sale price towards your remaining loan balance. If it sells for less than what you owe (and it usually will), Nevada laws permit a lender to obtain a “deficiency judgment” against you for the amount that’s left.
How To Avoid Repossession
Fortunately, Nevada bankruptcy laws can enable you to stop repossession. The moment you or your lawyer submits a petition to the bankruptcy court, an automatic stay prohibiting your creditors from engaging in collection attempts — including repossession — will go into effect.
On top of prohibiting your lender from taking back your car, bankruptcy will wipe out most of your other debts, drastically reducing your total monthly obligations. With Chapter 13, which restructures your debts, you can keep your vehicle and even get a lower payment on your auto loan. Your other choice, Chapter 7, lets you wipe out your debts. While the laws allow a court-appointed trustee to liquidate some of your assets to reimburse creditors, this rarely occurs, and you can almost always work out a plan that keeps you behind the wheel.
Our Knowledgeable Lawyers Can Help
If you’re struggling to keep up with your auto loan and are at risk of losing your car or truck, there is no time to waste. Nevada laws allow lenders to repossess once any payment is 30 days late. Call or text DebtStoppers today at 725-373-5900 to schedule a no-obligation consultation with one of our seasoned Nevada attorneys. Our skilled legal team has kept thousands of people on the road, and we can keep the repo man away from you, too.
If you are worried that your lender will repossess your vehicle, don’t give up hope! You have options that can help. Call or text DebtStoppers today at 725-373-590 to stop repossession before it’s too late.