Stopping Vehicle Repossession

Philadelphia Vehicle Repossession

One of the top concerns expressed by those who are struggling with debt revolves around the issue of their vehicle. People rely upon their cars to get to and from work, to transport their children to and from school and to activities, to shop for essential items and to fulfill many basic social and living needs. Our cars represent our freedom and autonomy, so it’s no wonder that so many people report taking extreme measures to hide their cars, and spending sleepless nights watching out windows to see if their vehicle is being repossessed.

The best way to avoid vehicle repossession is to contact the Philadelphia bankruptcy attorneys at the law office of Erik B. Jensen, Attorneys at Law. Instead of continuing to deny that you need help and putting yourself through the stress of worrying about repossession, you could be learning about the options that are available to you and hearing about the various ways that we can help you to hold on to your possessions. Contact us today to avoid repossession and take control of your financial future.

Once your vehicle has been repossessed, the likelihood that you will be able to get it back is extremely slim. The company with whom you financed your car or truck is only interested in getting back the money that they are owed, and if you have fallen so far behind in your payments that repossession becomes a reality, they are likely to assume that you are not going to be able to pay – and payment in full is exactly what they will be looking for. Because they did not receive your payments, they will likely move quickly to sell the vehicle at auction in an attempt to recoup their losses. By law they are required to notify you of when and where the sale is going to take place, and though it might be heartbreaking for you to attend, it is in your best interest to go, and to encourage others who might be willing to purchase your car to also attend and place bids. This is because even though you are no longer in possession of the vehicle, you are still contractually obligated for the amount of money that you committed to purchase it for. This means that you want the car to sell for the highest amount possible, or else you will be on the hook for the difference.

Waking up and finding your car gone, or actually watching it being removed from your driveway, is a devastating experience that is best avoided by taking proactive measures. Whether your situation merits filing for bankruptcy or some other type of action, having a knowledgeable and experienced bankruptcy attorney on your side can avoid this complication and stress. Call the law office of Erik B. Jensen today to talk to a bankruptcy attorney and see how we can help.

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