Car Repossession
Losing Your Car Could Mean Losing Access to Your Income and Education
Keeping your car means keeping valuable transportation to work and school. If you’re at risk for having your vehicle repossessed, you need immediate protection.
Owning a car provides the freedom to go where you want to go, when you want to go. Whether you’re traveling to work, school, or a vacation destination, having your own vehicle allows you to make money, get an education, and take trips to visit family and friends. While car ownership has these pros, the cons are the maintenance that comes with it.
If you need to replace an alternator, an engine, or repair any structural damage, you’ll most likely be paying a few thousand dollars. This means that after you pay your other bills (such as your mortgage, electric bill, etc.), you may not have enough money left over to pay your car loan. If you’ve fallen behind on your monthly payments, you may be facing a car repossession.
According to car repossession laws in Kentucky, the creditor for your car loan can take your car back if you fail to keep your payments current. After your car is taken away, the lender might sell your car at auction. To make matters worse, if they sell it for less than what it’s worth, you’ll be stuck with the balance, which is called a “deficiency balance.”
A car repossession can lead to a loss in wages if you can’t get to work. We can prevent this, and allow bankruptcy to work in your favor.
Having a deficiency balance means that you won’t have a car and you’ll still owe money to your lender. This can be a devastating blow both financially and emotionally. If you don’t have reliable transportation for work, you’ll be at risk for losing your job, which will put you even further in debt.
If you can no longer afford your car payments, and have other unpaid debts, bankruptcy is a way to obtain financial freedom. If you’re already facing car repossession in Louisville, there is still hope that you might be able to get your car back.
Attorney Tracy Hirsch has 18 years of experience in bankruptcy law, and will work hard to help you keep your current car, or obtain a reliable used one. Call or text (502) 435-2593 to schedule a free consultation.
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