Cherry Hill Attorneys Stopping Asset Repossession
If you are struggling with debt and unable to make payments, your creditors may begin taking aggressive action against you. Creditors may try to repossess your car, truck, motor home, and even your house if you are behind on payments. However, there are things you can do to stop asset repossession. At the Law Office of Robert Braverman, LLC, we can explain these options and help you make a decision that keeps your goals and objectives in mind.
Can Bankruptcy Stop Repossession?
Yes. If you file bankruptcy, creditors cannot repossess assets (such as a car) provided you agree to make payments. By filing Chapter 13 bankruptcy, your debt will be reorganized and reduced, and you will have the chance to repay that debt over a period of time.
Besides stopping asset repossession, bankruptcy can also stop:
- Wage garnishment
- Lawsuits by creditors
- Foreclosure
- Other collection actions
My Vehicle Has Been Repossessed. Can I Get it Back?
Maybe. In many instances, if an automobile has been repossessed by a creditor but has not yet been sold, an individual can get it back by filing Chapter 13 bankruptcy. Usually, creditors will hold the property for around 15 days. If bankruptcy is filed before the creditor has resold the motor vehicle, an individual can usually get it back.
In the recent case of In re Warrington, Bankr. No. 09-19816/SR (Bankr. E.D. PA 2/23/2010) (Bankr. E.D. PA 2010), briefed and argued by Robert Braverman, Esq., Bankruptcy Judge Raslavich compelled a creditor to return a vehicle that had been repossessed prior to the filing of the bankruptcy. In doing so, Robert Braverman, Esq. convinced Judge Raslavich to reverse the position he had taken in a decision a few years earlier.
Contact a lawyer from our firm for more information.
Contact an Experienced Bankruptcy Attorney
To schedule a free consultation at our Cherry Hill, New Jersey, Philadelphia City Center, or northeast Philadelphia law offices, send us an email or call (856) 348-0115.
