Experienced Bankruptcy and Repossession Attorneys
When you are struck with a financial crisis, it can be difficult to pay your car payment and other bills each month. As a result, you quickly accrue late interest and penalty fees. It does not take long before you receive notice of repossession. Financial struggles are challenging enough without the threat of losing your mode of transportation to work and earning income. However, with an experienced lawyer, you can understand your options and make smart decisions about how to deal with your debt problems.
For a free consultation with our Boston car repossession attorneys at Dane Shulman Associates, LLC, contact us at 617-379-1786 or toll free at 866-942-6740. We can help you stop car repossession and confront debt problems.
Stop Repossession in Cambridge, Boston and Throughout Massachusetts
When you file for bankruptcy, the bankruptcy court will issue an automatic stay that effectively and immediately stops creditor harassment, pending foreclosures, litigation, repossession and other collection efforts. Unfortunately, many people are hesitant to take this step when they are facing repossession of their vehicle because they mistakenly believe that if they file for bankruptcy they will lose everything — including their vehicle. However, there are ways to keep your vehicle in bankruptcy.
- Chapter 13 bankruptcy: If you file for a Chapter 13 bankruptcy, you will not be forced to give up ANY of your property. The automatic stay in bankruptcy will force your lender to stop repossession efforts, and within the bankruptcy process, your overdue car payments and delinquency fees will be rolled into your three- to five-year repayment plan.
- Chapter 7 bankruptcy: While it is possible that some of your assets may be sold by the bankruptcy trustee in a Chapter 7 bankruptcy, there are important bankruptcy exemptions that allow you to claim certain property as exempt from liquidation. Massachusetts allows you to choose either the federal exemptions or the Massachusetts exemptions in order to use the exemptions that are more advantageous to your situation. If you choose to use the federal exemptions, you may be able to claim up to $3,450 of equity in your vehicle as exempt from liquidation. Under the 2011 updated Massachusetts exemptions, you may be able to claim up to $7,500 in equity in your vehicle as exempt from liquidation.
Our Boston bankruptcy lawyers can educate you of your options, help you identify which form of bankruptcy is right for your situation and guide you through the legal process. If you choose to file for Chapter 7 bankruptcy, we can provide you with the informative advice necessary about which bankruptcy exemptions make sense for your situation, so that you can keep your car and other important property in bankruptcy.
Helping You Keep Your Car in Bankruptcy
If you have questions about car repossession, filing for bankruptcy or related debt concerns, we offer a free initial consultation to address your concerns. Contact our Boston car repossession lawyers at Dane Shulman Associates for a free consultation. Call us to make an appointment: 617-379-1786 or toll free at 866-942-6740.
Federally Designated Debt Relief Agency
