Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Car Repossession: It Doesn't Have to Be a Desperate Situation

According to an article on  Fox, a Kansas City man crashed into the side of his girlfriend’s house Saturday night. As it turns out, he was running from the repo man.

Car repossession is one of the biggest concerns that people have when they first come to see me. Under current law, once your car payment is considered delinquent (usually 60 days), it can be repossessed. Once your car is sold at auction, you can’t get it back. Plus, if the car is sold for less than you owe, they can garnish your wages to collect the rest of your debt.

This entire situation could have been prevented if he had taken a realistic look at his financial situation before he got himself into this much trouble. Bankruptcy can save your car from repossession and possibly retrieve it after it has been auctioned.
Now the question is: How will the driver afford to fix a car that he couldn’t even afford to make payments on?

The driver will need to start looking at some serious options for relieving his debt. He would be well-advised to contact a bankruptcy attorney that can help him avoid making these hasty (and poor) decisions.

How can you avoid this situation? Researching the warning signs of too much debt could give you a better idea of when the right time is to ask for help. You can start by requesting a FREE copy of my ultimate consumer guide, "Get Out of Debt."