Voluntary Repossession: 4 Strategies to get voluntary and involuntary
car repossessions from credit reports.
Not exact matches
If you are concerned about losing your
car to repo man, a credit card balance transfer can protect your vehicle
from repossession.
Repossession Is when you
car is taken away
from you when you fail to make auto loan payments.
If you need protection
from foreclosure,
car repossession, lawsuits, wage garnishments, divorce related debt or the IRS, consider bankruptcy.
A lot of people who have fallen behind on the payments for their house or
car use Chapter 13 as a way to stop a foreclosure or save their
car [
from repossession], says John Hargrave, the founder of bankruptcy firm John Hargrave & Associates in Barrington, N.J.
I rarely get calls
from people needing to file bankruptcy to stop a
car repossession... and that is a good thing.
Laws and procedures regarding
car repossessions vary
from state to state, so be sure to check your local resources.
However, if the
car repo resulted in a charge - off, the derogatory can remain on your credit reports 7 years
from the date the payment was missed which led to the
car repossession.
Car loans in chapter 7 are treated just like home mortgages: The filing of the case protects the chapter 7 debtor
from repossession.
Bankruptcy can discharge most of your debts, stop foreclosure of your home, avert
repossession of things such as your
car, prevent your driver's license
from being revoked for unpaid fines, prevent garnishment of wages, and stop most evictions if bankruptcy is filed before a court enters a judgment
from possession.
Chapter 7 also can protect some of your property, even your home and
car,
from foreclosure and
repossession.
Learn how your
car may be protected
from repossession.