Halt a Repossession in San Antonio with Bankruptcy

If you are falling behind on payments for a car, truck, boat, motorcycle or other high-value piece of property, you could be facing repossession. Your creditors can repossess your property at any time, and once they do, you may have no remedies available to get them back. You should act rapidly to avoid repossession.

Put an Immediate Halt to Repossession: The Automatic Stay

When you file for bankruptcy in San Antonio, the courts will issue an “automatic stay.” The automatic stay is an order that forbids creditors from contacting you or taking any actions toward collections, which includes repossession. Upon filing for bankruptcy, the automatic stay means your creditors will stop calling you for payments. The automatic stay may also give you time to catch up the back payments.

How Chapter 13 Bankruptcy Stops Repossession

Chapter 13 bankruptcy allows you time so that you can catch up on back payments called “arrears.” It also puts an automatic stay on repossession and other attempts at collection, giving you the necessary time to catch up on back payments.

Most arrears will be paid towards secured debt — that is, debt on assets that you own or that were put up as collateral. Most unsecured debts can be discharged through a Chapter 13 bankruptcy.

To learn more about bankruptcy in the San Antonio area, you can schedule an appointment for a free initial consultation with one of the members of our legal team. Just call (210) 807-4252 or contact our offices online.