Attorneys Edward Hizer and Brian Hizer

Bankruptcy and Repossessions

Experienced Toledo Bankruptcy Lawyer providing Personal and Business Bankruptcy Attorney legal needs in Toledo, Northwood, Oregon, Sylvania, Lucas County, Wood County, and the surrounding Northwest Ohio communities.

Call Lawyer, Edward Schimmel at 419.693.0911

Call Lawyer, Brian Hizer at 419.841.3600

When you file for bankruptcy, your car, other forms of vehicles, recreational investments (such as boats, snowmobiles, campers, and a jet ski) are essentially treated similar as a home foreclosure. If you have been served a notice of repossession by your lender, there are things that you may be able to do to stop the repossession, delay the repossession, or even give you the time to attempt to refinance the item of value in a manner that would be affordable to you following a bankruptcy.

One of these actions available to many people seeking to save their vehicles is to file for Chapter 7 or Chapter 13 personal bankruptcy.

How Chapter 7 Bankruptcy Can Save Your Vehicle From a Repossession:

When a personal Chapter 7 bankruptcy case is filed, an automatic "stay" is issued to all creditors. This "stay" stops all debt collections actions, debt litigation, and yes, repossessions as well. While the "stay" is only temporary, pending the outcome of the bankruptcy claim, the Chapter 7 bankruptcy can help you in a few ways:

  • Give you the ability to have certain debts discharged, giving you the ability to afford the current debt relating to the repossession going forward. This can put an end to the repossession process entirely.

  • Give you time to restructure, refinance, or modify your current debt, thus stopping the repossession process.

  • Allow you to have the debt discharged by including the item that was being repossessed in your bankruptcy (if this occurs, you will loose the item that was being repossessed).

  • Give you time to sell the item that is being repossessed for a minimum of what is owed on the item being repossessed.

How Chapter 13 Bankruptcy Can Save Your Vehicle From a Repossession:

When a personal Chapter 13 bankruptcy case is filed, an automatic "stay" is issued to all creditors. This "stay" stops all debt collections actions, debt litigation, and yes, repossessions as well. The Chapter 13 bankruptcy can help you in a few ways:

  • Give you the ability to consolidate debts in an affordable manner, possibly giving you the ability to afford the current debt for the item that is being repossessed going forward. This can put an end to the repossession process entirely.

  • Give you time to restructure, refinance, or modify your current debt, thus stopping the repossession process. You may also include in the Chapter 13 plan a provision to pay the payments you are behind or the total debt on the vehicle over a period of up to 5 years.

  • Give you time to sell the item that is being repossessed for a minimum of what is owed on the item being repossessed.

While an automatic "stay" is issued to all creditors involved in the bankruptcy, the stay in a Chapter 7 is only temporary, and following the bankruptcy, the creditor will still want their money if the debt has not been discharged in the bankruptcy, and may resume their debt recovery or repossession efforts.

If you do not have the money necessary to stop the repossession or have not made an agreement with the creditor that will stop the repossession process, the repossession will occur if the lender wants it to happen.

Even when this happens, you still have options and rights that must be protected.

Brian Hizer and Edward Schimmel have the experience and resources to effectively guide you through the bankruptcy legal process. We always strive to provide the highest standard of legal representation to aggressively pursue your bankruptcy legal goals.

If you require experienced legal advice and representation from a qualified Bankruptcy Law attorney (lawyer), please call our offices to schedule a confidential legal consultation.

Call Lawyer, Edward Schimmel at 419.693.0911

Call Lawyer, Brian Hizer at 419.841.3600

TOLEDO BANKRUPTCY ATTORNEY PROVIDING PERSONAL AND BUSINESS BANKRUPTCY LAWYER SERVICES IN TOLEDO, NORTHWOOD, SYLVANIA, OREGON, MAUMEE, PERRYSBURG, BOWLING GREEN, LUCAS COUNTY, WOOD COUNTY, AND THE SURROUNDING NORTHWEST OHIO COMMUNITIES.

CALL US TODAY AT    419.693.0911 in the Toledo / Northwood Area or 419.841.3600 in the West Toledo / Sylvania Ohio Area

Toledo Ohio and Northwest Ohio Attorneys Attorney, Edward Schimmel & Brian Hizer | Hizer & Schimmel | 419.693.0911 or 419.841.3600

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