There has never been a more critical time of having a vehicle at your disposal than during the current economic downturn and rising unemployment in the Milwaukee area. Whether used for the purpose of commuting to work, job interviews, or other basic fiscal needs, it is necessary to have reliable personal transportation. This shouldn’t be an unreasonable goal, even if you’re considering filing for bankruptcy.
When you’ve experienced the bite of the poor economy in Wisconsin and you’re on the road to filing for bankruptcy in Milwaukee, the same economic issues that demand having your own personal vehicle could also mean you’ve already fallen behind on car payments and your precious vehicle is a prime target for repossession by creditors. Maybe your car was recently repossessed prior to filing for bankruptcy and you’re wondering if bankruptcy can help? Can the “automatic stay” which legally suspends a creditor’s ability to repossess most assets still be of value despite the fact that your vehicle has already been repossessed?
The answer depends upon the actions you take, as well as the efficiency of the Milwaukee bankruptcy attorney that handles your case. The seventh circuit, which includes Wisconsin, recently upheld that the car company has to return the vehicle, without conditions, upon the filing of a Chapter 13, in the case of Thompson v. Gen. Motors Acceptance Corp., 566 F.3d 699, 700 (7th Cir. 2009). This is good news for consumers in the state of Wisconsin who are looking to get their vehicles back.
The following steps may provide help if you need to retrieve your repossessed vehicle or otherwise prevent it from being repossessed.
Seek a Qualified Bankruptcy Lawyer
Once your vehicle has been repossessed it is absolutely vital that you immediately seek the assistance of a qualified bankruptcy attorney if you hope to get your vehicle back. Once you find an attorney you must promptly inform him or her of the status of your car and that you need to file bankruptcy right away. While the repossession was likely caused by an inability to afford your car payment, the best step to getting your vehicle back through bankruptcy is having the necessary funds to pay for your representation in bankruptcy. You may be required to have sufficient funds to pay your attorney, the bankruptcy court filing costs, as well as the fees for mandatory credit counseling courses. As such, it would likely be in your best interest to find a bankruptcy attorney who can set up payment arrangements. The Law Office of Dantzman & Dantzman has helped countless individuals recover their vehicles, and then help them pay off the vehicle in a restructured chapter 13 plan.
Seek a Bankruptcy Lawyer who is Prompt
Another potential challenge in the prospect of reclaiming your repossessed vehicle comes in the form of paperwork. Because time is of the essence in saving your vehicle, it is imperative that you are able to promptly provide all necessary information about your current financial situation so you can file quickly and without any setbacks.
In most cases you will have approximately ten days from the date of your vehicle’s repossession to the time that the creditor actually sells it. Ten days is not a very large window of opportunity, so you and your bankruptcy lawyer are going to have to be diligent in the filing of legal documents with the bankruptcy court. Finding a bankruptcy attorney that is prompt and thorough is critical in this process. Our law firm has several attorneys who can help file your case in an emergency situation.
Seek a Competent Bankruptcy Lawyer
Once you file for bankruptcy it is essential to know that any further creditor action is stopped by Bankruptcy’s automatic stay provision. While the automatic stay implicitly means that the creditor cannot sell your car, it does not assure or otherwise guarantee the return of your vehicle. It is noteworthy to mention that for a pre-petition repossession most bankruptcy courts have procedures in place in which a debtor may be allowed to get his or her vehicle back.
The best way to avoid any headaches or hardships associated with your vehicle being repossessed, the best rule of thumb is to file for bankruptcy before your car gets repossessed by creditors. Knowing a qualified bankruptcy attorney can help you to conquer your creditors and face your financial fears, as well as keeping you vehicle to keep you moving forward towards your fiscally-viable future.
The bankruptcy lawyers at Dantzman & Dantzman offer a FREE debt consultation, and right now is the time to take them up on their offer.
Call us at 414-831-0427, or toll free at 1-877-326-8962 to schedule your appointment.