Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

What Can Happen to My Car if I Don’t File a Chapter 7 or Chapter 13 Bankruptcy in Missouri or Illinois?

While missing a few car payments may not seem like a big deal, it can mean that you’ll see your car being towed away by the repo man. Once you start to miss payments, you have to act quickly. You can contact your lender to see if you can lower your payments or add the missed payments on to the end of your term but they have the right to deny your requests.

If you can’t come up with the cash once you are two months behind on your payments, the lender will take your car to be sold at auction. The worst part is that they can do some without warning. So, if it is sold, are you free from the debt? If the amount it is sold for doesn’t cover what you owe, you will have a deficiency balance left and the lender may garnish your wages or levy your bank accounts to collect it.

Luckily, there is a way to stop this terrible chain of events. You can file a Missouri or Illinois chapter 7 or 13 with a qualified St. Louis bankruptcy law firm or Fairview Heights bankruptcy lawyer and possibly get your car back or, at the very least, get any deficiency balance discharged. Plus, an experienced Missouri or Illinois bankruptcy attorney can help you get protection from foreclosure, credit card debt help, and stop those harassing creditor calls. Wondering what else a St. Louis Missouri or Belleville Illinois bankruptcy lawyer can do for you? Request a free copy of my book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” and you can learn where to start when you want to learn how to file bankruptcy.