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.