Repossession Lawyer in North Carolina Protecting Clients from Repossession

Every day, people find themselves in the situation where they must deal with a repossession of their property due to a defaulted loan or missed payment. It can be extremely distressing to find your car being towed away by a tow truck company. Fortunately, there is legal recourse available to stop a repossession and seek return of a repossessed vehicle if you act quickly.

If you think your finances are beyond saving, think again. Preserving your assets can be as simple as talking to a repossession law firm. If you need to stop are possession or seek return of a repossessed vehicle and setup a realistic repayment plan to deal with your debts, talk to one of our lawyers today and we will help you determine the best course of action which may include a Chapter 13 bankruptcy. For all of your bankruptcy-related needs, reach out to Gillespie & Murphy, P.A. today.

Do Repossessions Affect Credit Scores?

A recent or past repossession may affect a person’s credit score—the effect of a repossession will vary from individual to individual, depending on the credit reporting agency in question. In some cases, a repossession of a vehicle may not even be reported by the creditor. However, if the remaining debt goes unpaid after the car is sold at auction, the repossession creditor will likely report negative information on your credit report and seek collection of the unpaid balance.  To ensure your credit report is completely accurate, you should request a copy from each of the three major agencies: Equifax, Transunion, and Experian. After reviewing your reports, contact us if you notice any discrepancies or errors so we can further assist you in trying to overcome bad credit history resulting from past repossessions.

What are the Consequences of a Repossession?

Without the help of a repossession law firm, you might find that creditors utilize different collection methods to try and recover their loss. A creditor is under no obligation to accept partial payments, however, some creditors might accept a lump sum settlement.

If you encounter obstacles when trying to set up repayment plans with your creditors, it may be time to consider filing a bankruptcy in order to release yourself from overwhelming debt. Filing a bankruptcy may also stop a repossession in certain circumstances. Most people rely on their vehicles to make a living or take care of their responsibilities. Having your vehicle repossessed can have a negative impact on your life.

After discussing your situation with our legal team, we will advise you on how best to proceed in order to protect your property.

How Can a Repossession Attorney Assist Me?

Our repossession law firm cares about your well-being. We believe that you deserve to be treated with dignity and respect throughout the entire legal process, no matter what adversity you are facing. We will discuss all of the legal options available to you that can stop a repossession and seek return of the repossessed property, including in a Chapter 13 bankruptcy. We understand that your financial situation is stressful. Our goal is to provide you with personalized service to ensure you can get back on track and start fresh. Contact our North Carolina bankruptcy law firm today to get the help you need.

Should I Hire a North Carolina Repossession Lawyer?

If you are having trouble dealing with the repossession of your vehicle, it may be time to contact a repossession law firm. We offer personalized service for families and individuals across North Carolina. Don’t sit back and let this situation get out of control. The sooner you act, the more likely you can prevent your vehicle from being repossessed. We will guide you through all of your debt relief options and make sure your interests are protected from start to finish. Contact Gillespie & Murphy, P.A. as soon as possible to get the help you need for your bankruptcy-related needs.

If you are facing a pending repossession, a Chapter 13 bankruptcy filing can stop repossession before it occurs.  A Chapter 13 will help restructure payments to catch up what you are behind to the creditor and in some circumstances, lower your interest rate and your payments. A Chapter 13 bankruptcy may allow you to recover a repossessed vehicle, but you must act quickly after the vehicle is repossessed.