Cincinnati Bankruptcy Lawyers Helping People With Auto Loan Problems
Your automobile loan is one of your biggest expenses, and one of your most important expenses. If you are having difficulty making payments on your automobile, your lender may be threatening you with repossession. In times like this, it is important to look closely at all of your options. A skilled bankruptcy lawyer can help you understand what you can do if you are unable to stay current on your automobile loan.
People across Southwest Ohio and northern Kentucky have turned to the attorneys and staff at Minnillo Law Group Co., LPA, for sound advice and experienced representation in all areas of bankruptcy law. We can give you the information you need to make decisions that are right for you.
If you are facing repossession, or simply can no longer afford your vehicle, we understand the stress you are under. Call 513-723-1600 to arrange a no-pressure, free consultation to learn your legal options.
If you are delinquent on your automobile loan, bankruptcy offers a few advantages. Due to the automatic stay provision of the Bankruptcy Code, filing bankruptcy will stop repossession efforts. Of course, since your lender has a security interest, it can request that the automatic stay is lifted. At this point, you have the following options:
- Reaffirm the debt: In a reaffirmation agreement, you agree with your lender to repay your loan according to the terms of the initial agreement.
- Redemption: Under the redemption process, if you can pay your creditor the fair market value of the vehicle in a lump sum, you can keep your vehicle.
- Surrender: This involves simply giving the vehicle back to your creditor. In certain situations, this may be the best option because the debt you owe on the vehicle can be discharged.
- Repaying the value of the car in a Chapter 13 filing: If you have owned your vehicle for more than 910 days (two and a half years) you can pay your creditors the value of your vehicle, rather than the value of the note. This offers significant savings. Our law firm can usually reduce your interest rate as well.
Contact The Cincinnati Auto Loans In Bankruptcy Lawyers Of Minnillo Law Group Co., LPA
We offer a free initial consultation in all bankruptcy matters. Call us at 513-723-1600. We can also be reached by email. We have two offices in Cincinnati. We can also meet you in our Clermont County, Ohio, Fairfield, Ohio, or Covington, Kentucky, locations. Weekend and evening appointments are available.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.