Can I Save My Car From Repossession With Bankruptcy in Florida?

Yes, filing for bankruptcy in Florida can help you save your car from repossession. Once you file for bankruptcy, an automatic stay is triggered, which halts all collection actions by creditors, including car repossession. However, whether you can keep your car in a bankruptcy filing depends on several factors, including the type of bankruptcy you file and the value of your car.

If you file for Chapter 7 bankruptcy in Florida, you may be able to keep your car if you're current on your car loan payments and the equity in your car is exempt or protected by bankruptcy exemptions. If your car equity is not exempt, the bankruptcy trustee may sell your car to pay off your debts.

If you file for Chapter 13 bankruptcy in Florida, you can include your car loan payments in your repayment plan, which can allow you to catch up on missed payments and avert repossession. Additionally, if your car is worth less than what you owe on your car loan, you may be able to "cram down" your car loan to the fair market value of your car, which can reduce your monthly payments and overall debt.

It's important to consult with an experienced bankruptcy attorney in Florida if you're facing car repossession to understand your options and determine the best course of action for your situation. An attorney can help you figure out if bankruptcy is the right choice for you, guide you through the legal process, and help you protect your assets.

Contact Fleysher Law for an Initial Consultation With Our Bankruptcy Lawyer

If you're worried about car repossession in Florida, Fleysher Law is here to help. Our experienced bankruptcy attorneys can navigate you through the process of filing for bankruptcy and saving your car. The moment you file, an automatic stay is triggered, putting an end to all creditor collection actions, including car repossession.

During your consultation, we will:

1. Evaluate Your Options - Our dedicated team will assess your unique situation, considering factors such as car loan payments, equity, and the value of your vehicle.
2. File for Chapter 7 or Chapter 13 Bankruptcy - Depending on your circumstances, we'll help you determine the most suitable bankruptcy option to keep your car. In Chapter 7, you may retain your car if your equity is exempt or protected by bankruptcy regulations. If not, we'll explore Chapter 13, where car loan payments can be included in your repayment plan, allowing you to catch up on missed payments and avoid repossession.
3. Reduce Your Debt - With our expertise, you may even qualify for a "cram down" adjustment in Chapter 13, reducing your car loan to the fair market value of your vehicle and easing your monthly payments and overall debt.
4. Provide Expert Guidance - Navigating bankruptcy can be overwhelming, but you don't have to do it alone. Our experienced bankruptcy attorney in Florida will guide you through the legal process, address your concerns, and ensure you understand your options.
5. Protect Your Assets - Our goal is to help you protect your car and other valuable assets while achieving a fresh financial start. Trust in our expertise to safeguard your future and set you on the path to a debt-free life.

Take the first step towards protecting your financial stability and protecting your assets. Contact Fleysher Law today to ensure a brighter debt-free future!