A Bankruptcy Lawyer in Illinois Can Help Save Your Car From Repossession

13-Apr-2011 Some Illinois residents might be surprised to find out that their car can actually be repossessed after missing only two payments. This doesn't exactly give a lot of time to sort out your financial problems.

You may wonder what your options are for saving your car from repossession. There are two simple options:

1. Make a payment to be current or ahead of your car payments.

2. Hire a bankruptcy lawyer in Illinois and file for chapter 13 bankruptcy.

If your car has already been repossessed you need to contact a bankruptcy lawyer in Illinois within about a week in order for them to be able to try and save your car. Your lender may give you longer than week to reach out to an attorney but it's better to act quickly if you are unsure of the timing.

When you are threatened with repossession it might seem like the best option is just to let the car be repossessed rather than struggling to make payments anymore. This may seem like a solution but it will not stop creditors from calling and harassing you in an attempt to get the money that is owed to them. In this situation you may consider hiring a bankruptcy lawyer in Illinois and filing chapter 7 bankruptcy instead.

You can try to call your creditor for a reprieve but there are no guarantees they will be willing to help you. Ultimately you need to review your financial situation and decide if you can afford to continue paying your car payment. If the missed payments were a fluke then fight for your car however outstanding debt has a tendency to spiral out of control. The sooner you can get your financial profile under control the more likely it is you can avoid losing everything.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.