St. Louis Repo Lawyers: Where Are They And How Can They Help?

Retired By Retired, 22nd Jun 2010 | Follow this author | RSS Feed
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Luckily for many, there are lawyers who specialize in car repossession. But, they aren't called "Repossession Lawyers," they are called Missouri and Illinois bankruptcy lawyers. You see, bankruptcy attorneys can use the powerful federal law that created bankruptcy to stop the repossession of your car or even get it back after it has been repossessed, under certain circumstances.

St. Louis Repo Lawyers: Where Are They And How Can They Help?

Your creditors are legally allowed to repossess your car once you've missed two payments. Fortunately, a Missouri or Illinois bankruptcy attorney can stop this from happening with a Chapter 13 bankruptcybut you must act quickly. Your must contact a bankruptcy lawyer within 10 days from the date it was taken. Sure, some lenders may give you more than 10 days but, when it comes to your car, it is better to be safe than sorry.

Still thinking that bankruptcy isn't the best option for you? Well, if you decide to give up your car, you may be facing a worse situation than before. If your car is sold at auction for less than you owe, you will have to pay the balance back to your lenders. Your creditors will stop at nothing to collect that debt--including harassing phone calls and garnishing your wages. On top of not having a car, these actions will make it much harder to pay back the debt.

Whatever it is you choose to do, remember to do it quickly. Here are a few steps you can take if your car has been repossessed or is in danger of being repossessed.

1.Take a long, hard look at your finances. If the financial situation that makes you unable to pay your car payment is temporary, then perhaps bankruptcy isn't for you. But, as many Missouri and Illinois bankruptcy attorneys know, debt tends to have a snowball effect. It creates problems in every area of your lifeand usually has no foreseeable end.

2.Check on every option. You can call your lender but, in this economy, it might not do any good. Don't underestimate the power that Missouri and Illinois Chapter 7 bankruptcy has to change the financial future for you and your family.

3. Act quickly. Whether you decide to give up your car or you decide to save it (and yourself) from your creditors, decide soon. Waiting often only leaves you down a path you aren't prepared to go down.


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