Lee's Summit, Missouri 64063
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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If you are facing a repossession on your car, truck, motorcycle, trailer, camper, appliances, furniture, jewelry, or other personal property, we may be able to help. In some situations, a Chapter 13 bankruptcy can restructure your financial situation in order to allow you to be able to avoid your vehicle from being repossessed by a creditor. We help fight repossessions in Missouri, Kansas, and Oklahoma.
However, if a Chapter 13 bankruptcy is not feasible in your situation, we can help you find other alternatives to saving your vehicle from repossession. Or, if you would like to get rid of the property, we can help you avoid a deficiency judgment.
A repossession is similar to a foreclosure in that it is the legal proceeding of a creditor to take or claim the collateral for a loan that is in default. This means that the bank or other company that you have a loan with will attempt to gain possession of your vehicle or other personal property when a number of the payments have been missed.
When your finance company repossesses your property, they take your property and sell it at auction to the highest bidder. If your property does not sell at auction for the total amount you owe the finance company for your debt, then the finance company may have the option to go after you for the difference.
For example, lets say that you owe your finance company $30,000 for your car. You become behind on your car payments and the finance company decides to repossess your car. The finance company then sells your car at auction to the highest bidder for $21,000. This means that the finance company was shorted $9,000 because of the auction. In order to get the rest of their money, the finance company can then sue you for the remaining $9,000 that they are owed.
This process of going after you for the loan and auction price difference is called a deficiency judgment. However, the finance company may decide not to sue you and write off the remaining amount you owe. If the finance company writes off this amount, the amount of canceled debt may be taxable to you.
Contact the Law Office of Camron Hoorfar, PC in order to stop your repossession and save your vehicle, appliance, furniture, jewelry, or other property. We may be able to help you keep your property using bankruptcy or debt negotiation.
