Having your car repossessed is a very trying ordeal. If your car is necessary to get back and forth to work, it can send your life into a tailspin. However, if you use your car to go to work, then the answer is to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy is a reorganization bankruptcy where a person repays their debts up to five years, and it may even reduce the balance owed on the vehicle and usually reduces the interest rate. If the car was repossessed prior to it being auction according to Illinois (about 20 days after the repossession) then the person can file a Chapter 13 bankruptcy and as a Experienced Chicago Bankruptcy Attorney I will demand the return of the vehicle anmd pursuant to current case law the creditor must give the car back if the car is necessary for an effective reorginization. However, the bankruptcy must be filed before the car is sold at auction! According to current case law the creditor must return the vehicle as long as the vehicle has insurance and is necessary for the case to suceed.

If the person whose car is repossessed isn't working or doesn't want the return of the vehicle a Chapter 7 bankruptcy will discharge or extinguish the liabilty for the deficiency on the vehicle. However, if the person is working who is liable on the vehicle is working there is risk of a lawsuit and a garnshment and therefore, time is of the essence. Waiting to see an experienced Chicago Bankruptcy Lawyer such as myself, who offers a free consultation is important when any financial difficulty arises in your life. I want you to lose your debt and keep your dignity! If you would like to schedule a free consultation please call me today at 312-489-8182!

Marc Wagman

Attorney at Law