R is for Repossession
I would estimate that over half, if not 75% of my clients have had a repossession in the past, many with 2 or even 3 of them. Chapter 7 is a great tool to wipe those debts out and get a fresh start. But, if it just happened, and you want your car back?? I can get it back for you!! Generally in Illinois you get 21 days from the date of the repossession to file a Chapter 13 bankruptcy. This will allow you to get the vehicle back! Now, you will be paying back the debt in order to keep it, but that was your intention anyways!!
Another benefit, if the car was purchased over 910 days before the chapter 13 filing, our Chicago bankruptcy attorney at Leeders & Associates can cram down the balance you pay based on what the vehicle is worth today. We all know how cars and trucks depreciate the minute you drive off the lot, and that by the time you are finished paying, the car is worth but a fraction of the purchase price. We can save you a ton of money if your vehicle has depreciated too! We can even get you a much better interest rate in most cases. Case law wants a debtor to pay prime rate +1 to +3 points. So as of today, April 26, 2013, that would be between 4.25% and 6.25%! That may be quite a savings, especially if you bought your car from a Buy Here, Pay Here dealer!
Contact us today for a free bankruptcy consultation. We have several bankruptcy attorney offices – a Chicago Loop office, South Side of Chicago office, as well as Offices in Schaumburg and Warrenville, IL to serve the city and suburbs.
We have free consultations and have weekend office hours too! Call today. 312-346-7400.