Repossessions

SIMPLE ANSWERS TO QUESTIONS ABOUT BANKRUPTCY:

Q: My vehicle was just repossessed. Can I get it back?

A: Yes, but. You have to file for

bankruptcy immediately. You will still have to pay

for the vehicle, if you want to keep it. If you file a

Chapter 7 Bankruptcy, you will have to get

caught up within 30 days. If you want to keep the vehicle but can’t get caught up within 30 days, and if to you the vehicle is worth the additional legal fees, you can get caught up over a three to five year period in a Chapter 13 Repayment Plan. We will explain your options with you and help you decide what is best for you.

Q: I still owe on a vehicle that was repossessed. Will bankruptcy help me?

A: Yes. The key difference in bankruptcy is between debts that have collateral and debts that don’t have collateral. After the lender repossesses a vehicle, you no longer have their collateral. The amount you still owe is no different than credit card or other debt without any collateral.

Please see “Frequently Asked Questions” for more information.

Q: How much will this cost?

A: A Chapter 7 “Fresh Start” costs $1,633 total up front. People who have had a business, or whose bankruptcy case ends up with major problems may have additional fees, but we always discuss them with you first. A Chapter 13 Debt Repayment Plan costs $5,500, $1,500 up front, with an additional $4,000 being paid out of your monthly payments into the plan (you do not pay the $4,000 directly to us). All prices include the Bankruptcy Court’s filing fee. Please call Jody Palatinus, Administrative Assistant at (724) 287-5300 to see if you qualify for a Chapter 7 “Fresh Start”, or to see if a Chapter 13 Debt Repayment Plan makes sense for you. Don’t delay. Act now!

If you live in the Allegheny, Armstrong, Beaver, Butler, Clarion, Lawrence, Mercer, or Venango Counties of Pennsylvania and would like more information about repossessions, contact us today!

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