Vehicle Repossession

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Vehicle Repossession Lawyer in Cumming, GA

Save Your Vehicle with Dedicated Bankruptcy Representation in North Georgia and the Greater Atlanta Area

If you stop making payments on your car or truck loan or lease, you can lose your vehicle through repossession by your creditor. Under Georgia law, your creditor has the right to repossession as well as to the sale of your vehicle. If they cannot recover the full amount of your debt through sale or auction, they can even file a lawsuit for the deficiency. This is the hard truth of what can happen when you fall behind on financial obligations regardless of the cause. 

If your vehicle is in danger of being repossessed or has already been taken by your creditor, you must act quickly if you wish to keep it. The McCormick Firm P.C. can help. With a decade of professional practice in debt relief involving bankruptcy options for clients throughout Forsyth County, we have the knowledge and experience you need to handle this critical situation. 

You Can Save Your Vehicle Through Bankruptcy

When your vehicle has been purchased by loan or has been leased, you are not its legal owner. Because your lender or the leasing company holds title to the vehicle, they have the right to repossess it should you go into default. If you are late even one day on your agreement, you can be considered to be in default. Because of that, it is not wise to fall behind without communicating with the lender or leasing agency about your financial situation. 

If your vehicle has already been repossessed, your lender will send you a notice that generally gives you 10 days to pay off your vehicle loan in full along with repossession costs. After that, they will commonly sell it at auction. If they do not recover the full amount owed, that is when they can sue you for the deficiency. This type of action could lead to wage garnishment or levies against your bank account in an effort to recover the debt. 

The way to stop all this is through a bankruptcy filing that puts into effect the “automatic stay” issued by the court. This stops all creditors from pursuing collection attempts, judgments, or legal actions. Possession actions, therefore, will be stopped as soon as you file and get a bankruptcy case number. Once this is put into place, you will have the breathing room to resolve your financial situation. 

If you file for a Chapter 7 bankruptcy, your unsecured debt can be discharged, giving you more monthly money to handle secured debt obligations, such as vehicle loans and leases. In a Chapter 13 bankruptcy, you may be able to pay off your vehicle loan through the three-to-five year repayment plan that is part of the Chapter 13 debt reorganization. 

Your best option to handle a potential repossession or to recover a repossessed vehicle before it is sold is to discuss your situation with our Cumming vehicle repossession lawyer immediately. This information also applies to other repossessions, such as for tools, furniture, and more.


Get legal assistance about your bankruptcy options that could save your vehicle and other assets by contacting The McCormick Firm P.C. online or at (678) 990-2042 today. 


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FAQ

  • Why Hire the McCormick Firm P.C.?

    Our seasoned team will always protect your rights while using our large pool of resources and experience to help save your assets. Often mortgage companies and banks will try to violate your rights in an effort to take all that they can from you, which is why you need an aggressive bankruptcy law firm that has years of experience in dealing with the complexities of debtor and creditor law.

    You will have peace of mind knowing that we are on your side throughout the debt relief or bankruptcy process. The McCormick Law Firm always takes the time to explain to new clients how bankruptcy works, and will always advise you on the best course of action to take based on your situation. We will dispel any myths that you may have about filing for Chapter 7 or Chapter 13 bankruptcy, and present you with facts and information that will help you decide on the best course of action to take.

  • What Happens to My Credit?
    Bankruptcy can damage your credit and subsequently your credit score. We all know that credit scores play a large part in our lives and have for some time, as they help determine how much we pay for our cars, houses and more. However, if your score has already been damaged, bankruptcy can be a great first step to rebuilding your credit.
  • How Will I Pay My Bills Going Forward?

    The key to paying your bills in addition to getting the most out of your bankruptcy case is to form a stringent budget that you can follow reasonably. If you have filed for Chapter 13 bankruptcy, you need to have a budget to make sure that you are taking care of all of your required payments. If you file for Chapter 7 you will have your debts discharged, but only those debts that you had before the petition for Chapter 7 was filed. You will need a budget if you file for Chapter 7 to make sure that you won’t have to file again in the future. You should be able to consult with your Cumming Georgia bankruptcy attorney on this matter.

  • Will I Lose My Job if I File for Bankruptcy?

    Filing for bankruptcy is information that the public can view. However, this information is not published in any newspapers or distributed at any stores. The only people that will know that you filed for bankruptcy is the trustee in your case, your creditors, and the people that you choose to tell. If your employer finds out about your case, it should not adversely affect your position or job. This may not be true if you work within the financial industry.