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If finances are tight and you have missed one or more car payments, you may be concerned about vehicle repossession. Since you probably need your car to get to and from work, repossession is only going to make your situation worse.

Sometimes, filing for bankruptcy is the most effective way to prevent repossession because it implements an automatic stay, which means the lender cannot take your vehicle without permission from the court. To discuss your options regarding bankruptcy and repossession, turn to Robert A. Schwartz in Rochester, NY.

Frequently Asked Questions Regarding Vehicle Repossession

If My Car Is Taken, Will I Be Able to Get My Belongings Back?

If you had personal belongings in your vehicle when it was towed, you have the right to get them back as long as they are not physically attached to the car. For example, you typically will not be able to recover custom seat covers or an updated stereo, but you can get back your sunglasses and gym bag.

Will I Get My Car Back If I Pay Off the Full Balance of the Loan?

vehicle repossessionIn most cases, you have to pay off the full balance of the auto loan before you can get your car back. You may also have to pay additional fees, like storage costs and repossession charges.

Can the Bank Repossess My Car Without Giving Me Notice?

To determine how and when the bank can repossess your car, you should review the terms of the loan agreement. In general, though, it is legal for the lender to repossess your vehicle without giving you advanced notice if you have missed payments.

Do I Need to Hire an Attorney If My Car Has Been Repossessed?

Although you do not necessarily have to hire an attorney to recover your vehicle, a seasoned attorney can help you reinstate the loan and redeem your vehicle. A lawyer can also help you address the reason why your car was repossessed in the first place and help you file for bankruptcy if necessary.

If you are concerned about vehicle repossession, turn to Robert A. Schwartz in Rochester, NY. To learn more about the firm’s areas of expertise, visit their website, and call (585) 334-4270 to talk to a debt relief lawyer today. 

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