Repossession is a frightening prospect, especially in a cities of Tacoma, Seattle, Kirkland, Bellevue, Bremerton, and Everett. It’s difficult to imagine what life here would be like without an automobile. Nevertheless each year thousands of people lose their cars and other property to repossession. If your assets are in danger of repossession, there are steps you can take to protect yourself from becoming a victim. You do not have to deal with the restrictions of living without private transportation.
Bankruptcy attorney Ryan Nykamp has the experience and qualifications to help you catch up on your missed payments and save your property. When you file for bankruptcy, you have federal protection from the threat of repossession. Contact the compassionate legal team at Bankruptcy Attorneys, PLLC for a free consultation at one of their meeting locations in Kirkland, Seattle, Bellevue, Tacoma, Bremerton, or Everett, at 425-289-9873.
How Filing for Chapter 7 or Chapter 13 Bankruptcy Can Help
After you file for either Chapter 7 or Chapter 13 bankruptcy, you halt creditor harassment so you can take the time necessary to regain control of your financial situation. All actions of foreclosure, repossession, and garnishments are also brought to an end.
A Chapter7 filing gives you a total of 30 days to make up your missed car payments. It will also suspend the repossession process while you repay the owed money.
A Chapter 13 filing gives you as much as five years to catch up on the payments you missed. And depending on your situation, interest rates may also decrease.
For Chapter 13 filers with automobiles more than two and a half years (910 days) old, your only required payment is interest on the current value of the car. In these cases, the interest would be decreased to the prime rate, in conjunction with a 2 percent risk factor. This means that the interest rate can go from as high as 21 percent to as little at 7.5 percent. The total amount due does not have to be repaid.
If your assets are in danger of repossession, then filing for bankruptcy may provide the protection and breathing room you need. Contact the compassionate legal team at Bankruptcy Attorneys, PLLC for a free consultation at one of their meeting locations in Kirkland, Seattle, Bellevue, Tacoma, Bremerton, Everett or Boise. For Washington locations call 425-289-9873.