REPOSSESSIONS ATTORNEYS IN WESTMINSTER, COLORADO
Like wage garnishments, repossessions are a punitive action that creditors may take against people who fall behind on making their debt payments. Also, like garnishments, repossessions can be successfully stopped by taking action to file for bankruptcy.
If you are facing the threat of having your vehicle or other property repossessed, don’t hesitate to contact the trusted Denver metro area bankruptcy attorneys at Garcia & Gonzales, P.C. We are dedicated to helping people stop repossessions, get out from under serious debt, and obtain the financial fresh starts they need and deserve.
HOW BANKRUPTCY CAN STOP REPOSSESSIONS
When a person files for bankruptcy, an automatic stay will immediately take effect to:
Stop creditors from contacting the petitioner (i.e., the person who has filed for bankruptcy)
Stop creditors moving forward to repossess the petitioner’s property (or try to take other action against the person).
Instead, creditors will have to wait for the bankruptcy case to proceed in order to find out whether they can expect some repayment and, if so, how much and when.
After filing for bankruptcy to stop repossessions, what happens next will depend on various factors, including the type of bankruptcy case a person has pursued. In particular:
If a person has filed for Chapter 7 bankruptcy, he may have to liquidate some of his property in order to discharge some debt. However, various property may be protected and retained if it qualifies for a Colorado bankruptcy exemption.
If a person has filed for Chapter 13 bankruptcy, he may be able to retain his property if he can devise (and follow through with) a repayment plan for his outstanding debts.
MORE IMPORTANT INFO ABOUT REPOSSESSIONS AND BANKRUPTCY
Court orders are not always necessary for repossessions. In other words, creditors can simply repossess people’s property without the approval of the court.
Although bankruptcy can halt repossessions from happening, it cannot reverse them once they’ve occurred. In other words, the time to act is before repossessions happen.
If you’ve fallen behind on vehicle payments or payments for other property, talk to an experienced debt relief lawyer sooner, rather than later, as you will usually have more or better options the sooner you take action.
DENVER METRO AREA BANKRUPTCY ATTORNEYS AT GARCIA & GONZALES, P.C.
Do you need help stopping repossessions or obtaining relief from crushing debt? If so, you can trust the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. to provide you with experienced help and the highest quality legal services. With more than 50 years of combined legal experience, our trusted lawyers have the legal knowledge, skills, and insight you can count on to help you successfully resolve your debt issues.
To learn more about your best debt-relief options, as well as how we can help you, contact us today by calling or by emailing us using the drop-down contact form at the top of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.