If you’re about to have your car, truck, or van repossessed, you may not know where to turn. Repossession is stressful but not unavoidable. In the Chicago area, if your transportation has been repossessed – or if it’s about to be repossessed – speak at once with the experienced Chicago reposession lawyers at the Bentz Holguin Law Firm. Obviously, if you can’t get to work, you can’t pay any debts; you could even lose your job. We will help you keep your vehicle and your job. If you’re being threatened with repossession, call Bentz Holguin today.
WHEN A BUYER DEFAULTS
When the owner of a vehicle becomes unable to make payments, Illinois law allows the lender to take possession of the vehicle. Most people buy a car by financing it with a loan and paying off the loan in monthly installments. The buyer agrees that the creditor can repossess the vehicle if the buyer defaults. When default happens, the creditor may take possession of the car. The law severely limits any effort to elude repossession. You can’t lock the car in a garage, hide it, or physically restrain a creditor’s representative from taking it.
YOU HAVE ALTERNATIVES
Fortunately, you have alternatives. You can file for Chapter 13 bankruptcy, automatically halting seizure of your possessions. A good Chicago reposession lawyer can explain about filing for bankruptcy and help you determine if it’s right for you. A Chapter 13 bankruptcy restructures your debt in a way that allows you to make the payments and keep your vehicle. Some might consider Chapter 7 bankruptcy instead. Chapter 7 is not for those who want to keep their possessions because it liquidates assets to pay debts. However, if you want to keep one item such as your car, an experienced Chicago reposession lawyer may be able to arrange it for you.
Contact our Chicago offices to find out more about stopping repossession. The Chicago reposession lawyers at the Bentz Holguin Law Firm handle your repossession issue personally. We maintain the highest professional standards; provide quality legal services at a reasonable cost; and work with all parties involved to bring your repossession matter to its best possible conclusion. Contact the Bentz Holguin Law Firm today and schedule a free consultation online or call 312-647-2116.