Car Loans and Bankruptcy
Hearing the word “debt”, most people think of credit cards. However, Americans collectively owe more on car loans than all on the credit cards combined, with the average car loan costing over $500 a month.
This can be a huge burden, especially when you are struggling to make ends meet.
The advantage to America’s system of bankruptcy law is that it allows you to keep your car while getting rid of your other debts, many times paying only a fraction of the price that the car lender was originally demanding!
Many of our clients end up with lower monthly payments (often dramatically), a lower interest rate (often dramatically), and, most importantly, a lower payoff balance to get the pink slip (often dramatically).
When considering which firm to hire, it is important to take into account both experience and creativity. We at the Bankruptcy Center of John D. Raymond, have been working exclusively in this field of law for over 30 years, have successfully fought Toyota Financial Services, Ford Motor Credit, etc, and have won in front of the judge innumerable times — lowering the price tag for our clients while keeping their car secure.
Another important consideration is how quickly a firm can act to protect a car — this is particularly relevant when you are behind on payments. We are often able to file a case, eliminating the threat of repossession, within a couple of hours from the time the client first walks into our office.
In the end, bankruptcy can save you money on one of your most important possessions — your car – while protecting you from the lender.