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Castle Law Office of St. Louis, P.C.
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Hiding from the Repo Man? Here Are Some Other Options.

Are you late to work because you are hiding in fear of the repo man? Are you constantly looking out your window to see if today is the day he or she takes your only means of getting to work? You are not alone. A repossession is a terrible thing to experience—and it can be somewhat unpredictable. So, what are your options besides hiding from the repo man?

Obviously, you can give up your car. But, if you wanted to do that, you probably wouldn’t be hiding. The problem with repossession is that it doesn’t give you any time to think about your next move. Even if you wanted to give up your car, would you be able to come up with another mode of transportation before the repo man came knocking? Probably not.

A Chapter 13 bankruptcy in Missouri and Illinois would stop the threat of repossession and allow you to repay the car and any past due payments over a 3 to 5 year period. The best part is that you will be repaying the car loan at the court’s interest rate, which is typically much lower than the rate in your contract. Bottom line? You’ll may just pay a lot less to get a clean title at the end of the case.

Plus, if you’ve purchased your car more than 910 days before filing (about 2 ½ years), bankruptcy law will allow you to only pay up to the fair market value (or the remaining loan balance, whichever is less.) Basically, you’ll be able to use bankruptcy law to knock down your loan. If you want to keep your car and are struggling with other debt, this may just be a great option.

With Chapter 13 bankruptcy, you can have real time to decide the fate of your vehicle without creditors harassing you over the phone, wage garnishments taking up a big part of your paycheck, or having to hide from the repo man.

Want to learn how Missouri and Illinois bankruptcy can save more than just your car? Request a free copy of my Illinois and Missouri bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”

James R. Brown
President and Principal Attorney at Castle Law Office
MATA Helping to Balance The Scales Of Justice Bankruptcy Attoney of the Year National Association of Consumer Advocates