If your car or truck is at risk of being repossessed, there are several ways to stop it. However, it is best to talk with a bankruptcy attorney if the repossession process has already started. They will be able to guide you and inform you about what all of your options will be if you are facing repossession.
When making up past payments it is best to talk to your lender to see how much you will have to pay to get you out of the repossession woods. Most lenders are going to be willing to work with you if you make a sizable payment. The amount needed to save your vehicle will need to be discussed between you and your lender.
If you are behind your payments but have paid off a significant portion of your loan, many lenders may be able to lower your payments by refinancing your car. All of this, of course, will depend on your current financial situation. If you can start making small payments, then that is a good start. If you are unemployed with no income, this will probably not be the best option for you.
Filing for bankruptcy to stop repossession should be your last option. However, it will stop repossession temporarily. Before you file for bankruptcy to save a vehicle, you need to speak with an attorney who will inform you how you should proceed if you are seeking to save your vehicle.
Filing for bankruptcy will not save your vehicle in every situation. It will depend on what type of bankruptcy you file (Chapter 7 or 13) and many other variants. It’s best to speak with an attorney before you file for bankruptcy to save your vehicle.