Vehicle Repossession Protection
Bronx Bankruptcy Attorneys
If you are struggling with mounting bills, you may be concerned about losing your vehicle to repossession. If you are behind on your car payments, the lender may be able to take your vehicle without your permission. However, you do have rights. Our Bronx bankruptcy attorneys at Park & Nguyen Attorneys At Law can help you protect your vehicle from repossession and can help you get back on your feet.
Call (718) 514-7886 today to schedule a free initial consultation with our Bronx bankruptcy attorneys.
Reasons Your Car May Be Repossessed
There are various reasons why your auto finance lender may try to repossess your car. That's why it is important for you to understand your rights and the lender's rights under the law.
In New York, your car may be repossessed for:
Non-Payment of Loans: If you fail to make timely payments on your auto loan, the lender has the right to repossess the vehicle. This is the most common reason for repossession.
Default on Loan Agreement: Defaulting on the terms and conditions outlined in your loan agreement can result in repossession. This may include failure to maintain insurance coverage or pay required taxes.
Failure to Communicate: Ignoring communications from your lender can lead to repossession. If you're facing financial difficulties, it's crucial to communicate with your lender and explore possible solutions before repossession becomes imminent.
Bankruptcy Filings: If you file for bankruptcy, the court may determine the fate of your car loan. Depending on the bankruptcy chapter, you may be able to keep the car or may need to surrender it. Consulting a bankruptcy attorney should be the first thing you do in order to find a way to keep your car.
Unauthorized Use of the Vehicle: If you use the car in a manner not allowed by the loan agreement, such as for commercial purposes without permission, the lender may repossess the vehicle.
Collateral Risk: If your lender believes the value of the car is at risk due to your actions or due to economic conditions, they may repossess the vehicle to protect their interests.
Insurance Lapses: If you fail to maintain the required insurance coverage on the vehicle, the lender may consider it a breach of the loan agreement and proceed with repossession.
Mechanical Condition: Some loan agreements require borrowers to maintain the vehicle in good working condition. If neglect or misuse leads to significant damage, the lender may repossess the car.
It's essential to review your loan agreement thoroughly and understand the terms to avoid repossession. If you're facing financial challenges, consider communicating with your lender to explore alternative arrangements. If repossession is imminent, seeking legal advice may help you understand your rights and potential options.
Our Bronx Bankruptcy Attorneys Can Help You
If your car is being repossessed, you may be worried about what will happen to your vehicle. Our Bronx bankruptcy attorneys at Park & Nguyen Attorneys At Law can help you protect your vehicle from repossession. We can also help you get back on your feet by helping you file for bankruptcy.
When you file for bankruptcy, the automatic stay will be put in place. The stay will prevent your car from being repossessed and will help you get a fresh financial start. Working with our attorneys will help you figure out the next steps in retaining your property and vehicle.
During your bankruptcy proceedings, you may be able to catch up on missed car payments or you may be able to pay off your car loan. Once you have completed your bankruptcy case, you can start to rebuild your credit and move forward with your life.
Call (718) 514-7886 to schedule a free initial consultation with our Bronx bankruptcy attorneys.
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