Though many people think so, you cannot simply "walk away" from your car. If your car has been taken by the repo man and sold at auction for less than you owe, you still have an obligation to pay the difference. In fact, the lender will make sure you do.
What does that mean? Your lender may levy your bank accounts, harass you by phone, or use the Missouri or Illinois garnishment laws to get a judgment against you and take part of your wages. Luckily, there is a way to prevent any of this from happening to you.
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The original repossession can be stopped by bankruptcy. It may even be possible for a bankruptcy lawyer to return your car to you shortly after a repossession. If, however, you've already given up your car, bankruptcy can help you with your deficiency balance, and the subsequent wage garnishment.
A bankruptcy attorney can help you file a Chapter 7, which can get rid of your deficiency balance completely and stop the lender from garnishing your wages.
It is hard to predict how far down your debt can bring you. One minute you think you've only missed one car payment. The next minute, your car is being towed by the repo man and you suddenly owe a balance, for which your wages are being garnished. It really can happen that fast. And, while we can't stop life from happening to us, there are things that we can do to make it better.
Having a garnishment on your paycheck is crippling. And while the lender is getting their debt paid, you're left to pay all your other bills on limited pay. It is like getting on the fast track to debt. But remember, you have the ability to stop this from happening to you.
These situations happen more often than you think, and to more people than you think. Anyone can find themselves in an unfavorable situation, but the ones who succeed are the ones who choose to do something about it. Remember, doing nothing changes nothing. You have more power than you think you have. If you want to control the direction your life is going in, do the research, find an option that works for you, and stop your life from getting out of your control.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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