What should you do if your car is being repossessed?
Are you behind in your car payments?
Do you rely on your car as a primary mode of transportation?
Are you worried what will happen if you default on your car loan?
These fears can create a lot of stress for people who do not know what options are available to them.
At the Law Office of Jeff D. Hoffman, we take the time to listen to your circumstances and then present you with a variety of debt reduction options that may help in lowering your car payment.
- You may be able to negotiate a lower payment with your lender or creditor with our help.
- You can also file for bankruptcy, if this strategy best fits your circumstances.
Please contact us to set up a free consultation with knowledgeable attorney Jeff D. Hoffman at our Oakland office.
Keep your car by lowering your car payments.
Our primary objective will be to keep your car from being repossessed!
If you are behind on other payments or your car payment is not the only bill you need lowered in order to be able to afford your living expenses, then we will help you decide if filing for bankruptcy is a viable option.
Attorney Jeff D. Hoffman will carefully explain the different bankruptcy options available and how each will affect lowering your car payment.
Under Chapter 7 bankruptcy, if you cannot afford your car and it is repossessed,
you will still be liable for the amount you owe after they subtract what they got when it was sold at auction.
Chapter 7 bankruptcy can help you have this debt eliminated (discharged).
If possible, we may contact your lender to negotiate on your behalf for refinancing, a reduction in your loan or a new payment schedule that results in lowering your car payment. We will counsel you if signing a reaffirmation agreement is in your best interest if your lender or creditor agrees to new terms or to avoid repossession.
Lowering Car Payments under Chapter 13 Bankruptcy:
Chapter 13 bankruptcy allows more ways to lower your car payment. Once you file, any action being taken to repossess your car must stop immediately. In addition, you will have a chance to catch up on back payments that you owe.
- Another advantage of Chapter 13 is a possibility to “cram down” the loan.
If you bought your car more than two and a half years before you file bankruptcy or if you have refinanced your car loan, you can permanently reduce the amount you owe to what the car is now worth.
You can then pay that amount under the Chapter 13 payment plan three-year or five-year schedule for all secured debts.
Jeff will help you cram down your loan and will represent you when presenting your debts to the trustee to organize a payment schedule to keep your assets.
We help people file for relief under the federal bankruptcy code.
Contact us today to schedule a free consultation to discuss your situation with him today or by phone at 510-451-0290 to schedule an appointment.