A Creditor Recently Repossessed My Vehicle, Is There Anything I Can Do?

Reclaiming Your Vehicle

When a creditor repossesses a vehicle, you may have an option to reclaim possession of your vehicle. While it is not the case in some states, in Mississippi you may be able to regain possession if you act quickly and are properly insured. Since every case is different, it is essential to meet with an experienced debt relief attorney as soon as possible.

How Chapter 13 Can Help You Reclaim Possession

Once your vehicle is repossessed, there is a brief window of time in which you can get it back from your creditor. If your vehicle is insured, we can attempt to reclaim possession by filing a Chapter 13 personal reorganization. This action provides you with the ability to schedule your creditors into a repayment plan that is feasible and is determined by your income. Not only can your secured creditors be included in your personal reorganization, but you will also include medical bills, pay day loans, back taxes, and many others as well. Furthermore, the Chapter 13 case will prevent any further harassment from your creditors, including any subsequent repossession.

Acting Quickly Is Imperative

Again, the most imperative actions on your part are to have insurance and act quickly. If you do not act quickly, not only will the creditor be able to sell your car at auction, but it will also be able to pursue any deficiency balance left on the loan. If a judgment is entered for a deficiency balance, that creditor can garnish your wages and pursue other collective action. While we can, and frequently do, stop these actions, we can also prevent these problems before they occur through a Chapter 13 reorganization.

Regardless of where you live, if you are facing repossession, there are actions we can help you take to prevent it. If you do happen to live in Mississippi, we can also help you attempt to reclaim a vehicle that was previously repossessed if you act quickly and are insured. For help with any financial problems you may have, please contact one of our offices nearest you.