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Has your car been repossessed? Are you looking to get it back? Get advice from the repossession attorneys at Cibik Law, today!
Getting your vehicle repossessed is a terrible experience. After finding that your car or truck has been repossessed by a lender you may be wondering what your options are to get your car back. We all need transportation to get from point A to B and so it is vitally important that you know what steps you can take to get your vehicle back so that you can move on with your life.
Although there are steps you can take on your own to find out what happened to your vehicle and why it has been repossessed, you likely are already aware of the reason and have at the point of repossession already received multiple letters and calls about your financial status.
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The repossession process is actually quite complex and your options depend entirely on your unique situation and your goals for the future. An attorney from Cibik Law can help you to figure out what your best options are in this difficult time and provide you guidance on the next steps to take in the process.
Before deciding what to do next it is important that you understand what a car repossession is and what it means.
Car repossession happens when a lender or bank takes back property that was used to secure a loan. When a car is repossessed it is usually because the lender agreed to allow the lender to take it back if they were not able to make the required payments to the lender. This is the reason that these kinds of loans are called secured loans. The loan is secured by the lender taking the property back if the borrower can no longer make the required monthly payments.
If you are about to have your car repossessed or if your car has already been repossessed, you generally have 4 options for what you can do next. The attorneys at Cibik Law can assess your situation and help you decide which of these steps is the best option for you.
Depending on your current financial situation, giving up the car may be the best option for you. This would depend largely on how much money you still owe on the car loan, what the current value of the automobile is and you current plans and future goals. An attorney at cibik law will be able to ask the right questions to ascertain the best options for you.
After a car is repossessed, oftentimes the lender will sell the car at an auto auction. This can happen quickly and as fast as a few days after the car has been repossessed, which is why it is vitally important to speak with an attorney at cibik law to help guide you on what to do next. If you car has been recently repossessed you should call cibik law today.
After your car has been repossessed, it is possible that you can come to an agreement with the lender and have the loan reinstated. This is assuming that you can make an immediate payment to the lender and that you have income to cover the monthly payments. If this is the case, you can reinstate the loan and stop the repossession from being finalized.
Redemption would be the process of paying the remaining balance of the car loan which would make you the full owner of the automobile and allow you to keep the car. The downside of this option is that a large lump sum payment would be required and this often includes additional fees that were incurred in the repossession process such as legal fees for the lender. In most states it is illegal to complete the repossession process without the lender informing you of this option.
Many times after a car has been repossessed and you don’t have the funds necessary to complete any of the above steps, you could get the car back and eliminate other debts by filing for bankruptcy. There are many options involved in filing for bankruptcy and the experienced attorneys at Cibik Law will be able to guide you through the process. The attorneys at Cibik law have handled over 50 thousand bankruptcy filing and are well versed in the nuances involved with filing for bankruptcy.