Vehicle Repossession and Chapter 13 Bankruptcy

Vehicle Repossession and Chapter 13 Bankruptcy

by | Apr 21, 2016 | Bankruptcy, Chapter 13

One reason for the overwhelming increase in vehicle repossessions is the rise of sub-prime vehicle loans. Sub-prime borrowers account for nearly 1/3 of the new car loans. Sub-prime borrowers are sure to be saddled with the highest interest rates (15% – 20%), and the longest loan terms (60 months – 72 months). Inability to maintain payments may result in repossession. A chapter 13 bankruptcy will stop a repossession, and allow the borrower an opportunity to pay the loan back over a period of 3-5 years, oftentimes at a significantly reduced interest rate.

Matthew Cherney

Website: https://cherneylaw.com

At Cherney Law Firm LLC, clients can expect the highest quality legal representation alongside thoughtful counseling and attention to detail. Mr. Cherney dedicates his time to properly investigating every possible avenue of debt relief for his clients before simply stepping into bankruptcy. Seeking to make each consumer that comes to him for legal aid as comfortable as possible, he keeps his clients in the loop with every step he takes.

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You may call us directly at 770-485-4141, or you can fill out the form and we will contact you. Feel free to ask us any questions that you might have. Make sure to indicate whether you would like an e-mail or a call back

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