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 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.
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.
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 (303) 839-8888 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.