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St Louis Bankruptcy: How Soon Will A Creditor Come To Repossess My Car?


It depends on how many payments you fall behind. As a general rule, a car creditor will initiate repossession activity at two to three months of non-payment. But it could happen sooner than that. However, the creditor must follow certain rules in order to repo the vehicle. And if those rules are not followed, then a subsequent repossession of the car could be a violation of the law.

When you finance a vehicle, you sign certain documents (like the purchase contract). Within those documents is a brief description of the remedies the creditor may take when you fail to make your monthly payments on the contract. One of which is the ability retake possession of the car.

But if the creditor wishes to exercise this option, it must first provide you with certain notifications. This is usually in the form of a letter, and they must send two of these notices before they may repossess. And after they repossess, they must send you another letter stating that it is their intent to sell the vehicle (followed by yet another notice letting you know what the deficiency balance is from the sale).

If the creditor does not follow these simple steps, then you may have a case for Wrongful Repossession. But if you want the car back, then the best and easiest way would be to file a St Louis Chapter 13. This described as a repayment plan over the course of three (3) to five (5) years during which certain debts are paid back. This would include car loans, but the interest rate is dropped down to 4.75% (which is often a significant reduction from what people are currently paying on). And in some situations, we can even reduce balance of the loan itself down to the actual value of the car (which can sometimes mean cutting the amount you pay back in half).


And this is why it is so terribly important to consult with a good St Louis bankruptcy lawyer!! We will answer all of your questions, thoroughly explain your options, and help guide you through the entire process from start to finish!

The affordable St. Louis bankruptcy attorneys at The Bankruptcy Company have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.

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