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San Antonio Bankruptcy - Bankruptcy & Your Vehicle

Many people file bankruptcy to keep their vehicles from being repossessed or to stop repossession. If your lender is threatening repossession, you should contact us right away. Filing bankruptcy (any type) generally halts the repossession of your vehicle. The Automatic Stay goes into effect upon your filing however there are elements of the new bankruptcy law that may affect the automatic stay depending on you particular financial circumstances. Usually your lender must cease its repossession attempt immediately. You will then have time to decide what to do. In some instances, you may even be able to get a repossessed vehicle back.

If you qualify and file bankruptcy under Chapter 7 of the Bankruptcy Code, you can choose to reaffirm your debt and keep your vehicle. However, if you are behind on your payments, you must catch up before you can reaffirm. If do not have the ability to bring your payments current, your lender can get the Court to lift the automatic stay so that it may proceed with the repossession. The lender must then sell the property and credit the proceeds to your debt. If any money is left over, the lender must pay it to you. Typically the sale brings in less than the debt which, in most cases, you may technically owe. The Bankruptcy Court will discharge the balance along with your other unsecured dischargeable debts.

If you file bankruptcy under Chapter 13 of the Bankruptcy Code, you can also choose to keep your vehicle. You must continue to make your current payments and catch up on your arrears. Unlike Chapter 7 Bankruptcy, you do not have to pay off your past-due balance in one lump sum. You can pay your arrears through your repayment plan. The Bankruptcy Code requires that you cure your default within a reasonable time.

If you’re eligible to file Bankruptcy in Texas the Texas Bankruptcy Exemptions like the Federal Bankruptcy Exemptions allow you to protect a certain amount of equity in your home, your personal property, and your vehicle.

Hopefully you will never have to experience the prospect of repossession. But should you experience the unexpected financial problems life can bring and you find yourself facing repossession, you have options to stop repossession and repay the payments over time in a Court supervised repayment plan. Chapter 13 Bankruptcy allows eligible people who are facing repossession to regain control of their finances and make repayment of their arrearages based on terms their budget states they can afford.

Another option you may consider for your vehicle is “redemption.” In many cases, the value of your vehicle is much less than the amount of your note. Under Chapter 7 bankruptcy and Chapter 13 bankruptcy, you can redeem (buy) your vehicle for its value. Your debt is extinguished and you own the vehicle. Under Chapter 7 bankruptcy, however, you must come up with the money for redemption in one lump sum. Under Chapter 13 bankruptcy, you can choose redemption and pay off the redemption amount over the course of your plan.

For most people their vehicle is their only means of transportation and is a significant investment. Loss of their vehicle might preclude them from getting to work to pay their other financial obligations. It is important to get all the facts when facing repossession.

If you have questions about the implications of bankruptcy and your vehicle please or filing for Chapter 13 Bankruptcy please contact The Law Offices of R.J.Atkinson,LLC at 210-805-9909 for a free initial consultation to discuss your legal options. With locations in Houston, San Antonio, Austin, and Dallas we are a Texas Debt Relief Agency and help people file for Bankruptcy under the Bankruptcy Code. Don’t Lose Everything.

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San Antonio Bankruptcy Lawyer offer Affordable Bankruptcy & Debt Relief Services. San Antonio Bankruptcy Attorney provides Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving San Antonio, Texas.

Bankruptcy Attorney Lawyer RJ Atkinson provides Chapter 7, 11, 12, 13, Affordable Bankruptcy Help & Discount Legal Services in San Antonio
Filing Bankruptcy can sometimes be the fastest way to get out of debt and may be the most affordable way to get a fresh financial start. Chapter 7 Bankruptcy can quickly wipe out your debts, increase your credit score, stop wage garnishments, get rid of credit card debt, eliminate medical bills, stop payday loans, stop bill collectors, erase negative credit reporting, and reestablish new credit after bankruptcy. RJ Atkinson, San Antonio Bankruptcy Lawyer has payment plans to make filing Chapter 7 or Chapter 13 Bankruptcy affordable which include low cost flat fees for Chapter 7 that may be considered the cheapest bankruptcy attorney fees compared to fees other bankruptcy lawyer charge. Chapter 13 Bankruptcy can save your home from foreclosure, save your car from repossession, lower monthly payments, reduce interest rates, get rid of late fees, reduce credit card interest, payoff high credit card debt, raise your credit score, stop creditor harassment, get rid of debt, reduce debt, eliminate creditor calls at work, stop collection calls, start over financially, discharge debts and/or be debt free in 3 to 5 years. IRS tax problems, tax levies, wage garnishments, back taxes, payroll taxes, income taxes can often be handled in Chapter 13 bankruptcy. Divorce/Bankruptcy – past due child support arrears, alimony, spousal support, and divorce debt can often be handled in chapter 13 bankruptcy. The Law Offices of RJ Atkinson handles debt consolidation, loan modifications, credit card debt settlement, debt negotiation, lawsuit defense, IRS problems, credit card lawsuits, TROs temporary restraining orders to foreclosure, forbearance agreements to foreclosure, FDCPA Fair Debt Collection Practices Act lawsuits, FCRA Fair Credit Reporting Act lawsuits, credit report disputes, debt collection lawsuits, adversary complaints in bankruptcy, bankruptcies, foreclosure workouts, mortgage short sales, real estate property tax disputes, civil litigation, commercial litigation, tax lawsuits, small business bankruptcy, corporate bankruptcy, business creditor representation, and most every kind of debt related issue or financially based legal problem on a case by case basis.

San Antonio Bankruptcy Attorney at RJ Atkinson handles Personal Bankruptcy, Business Bankruptcy cases and discount legal services in and around San Antonio TX Bexar County, as well as in New Braunfels, Cibolo, Comfort, Bandera, Boerne, Kerrville, Hondo, Castroville, Medina, Poteet ,Pleasanton, Lytle, Live Oak, Leon Valley, Jourdanton, Floresville, La Vernia, Nixon, Poth, Stockdale, Carpenter, Ingram, Hunt, Center Point, Selma, Seguin, Schertz, Helotes, Garden Ridge, Hill Country Village, Fredericksburg, Uvalde, Alamo Heights, Terrell Hills, Universal City, or in the counties of Atascosa, Bandera, Bexar, Comal, Dimmit, Edwards, Frio, Gonzales, Guadalupe, Karnes, Kendall, Kenney, Kerr, Maverick, Medina, Real, Terrell, Uvalde, Val Verde, Wilson, Zavala.
Pursuant to 11 U.S.C. §528, “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
San Antonio Bankruptcy Lawyer 8000 I.H. 10 West, Suite 600, San Antonio, TX 78230-3868. Bankruptcy Phone: 210-805-9909