Your Repossessed Vehicle Can Still Be Recovered
1. The vehicle must be fully insured. The finance company will not let the vehicle leave the facility without proof of full coverage auto insurance. They simply cannot afford the risk that the vehicle will become damaged beyond repair or totaled.
2. The vehicle owner must typically provide guaranteed funds to bring the account current. This will also include the costs that the finance company incurred to repossess and store the vehicle.
But what if someone cannot make a lump sum payment to become current as well as pay the repossession and storage costs? They may consider Chapter 13 bankruptcy to reorganize the vehicle debt.
Remember, until the vehicle is sold or auctioned, the owner still has the ability to make a full payment or make payment arrangements. The payment arrangement can be Chapter 13 bankruptcy.
In a Chapter 13 bankruptcy, the vehicle may be paid over the course of thirty-six (36) to sixty (60) months. The vehicle must be insured and the owner may be required to pay the repossession and storage charges up front. The outstanding balance, however, may be paid over the three to five year reorganization term. David Siegel, Chicago bankruptcy attorney and American Bankruptcy Institute member, states that "Chapter 13 has saved many vehicle owners from having to look for another vehicle." "Most people are in love with their cars, states Siegel, and they will do just about anything to try and save them."
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David M. Siegel
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