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Car Loan Debt and Bankruptcy Lawyers in Burlington County

Can You Afford to Lose Your Car?

Your car is essential to your day-to-day life, such as commuting to work and grocery shopping. For this reason, most people consider their car one of their most important assets, second only to their home. If you fall behind on your car, truck, or motorcycle payments, the creditor is entitled to repossess, or take away, your vehicle.

Luckily, it is possible to save your vehicle by declaring bankruptcy in most cases. If you have started missing vehicle loan payments, or if your vehicle was repossessed within the past ten days, contacting a skilled bankruptcy attorney is likely the best course of action. The bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC have over 80 years of combined experience helping clients save their vehicles through bankruptcy.

Saving Your Car During Bankruptcy

If you decide to declare bankruptcy, the chapter you select will impact what happens to your car. These are your options:

  1. Chapter 7 bankruptcy– Chapter 7 bankruptcy is meant to wipe your debt clean, so you will have several choices in terms of your car’s future. Your McDowell Posternock Apell & Detrick, PC bankruptcy lawyer will explain the intricacies involved with each option.
    • Maintain your car payments and keep the car by signing a reaffirmation agreement with the lender. A reaffirmation agreement may alter the terms of your car loan.
    • Surrender the vehicle to the lender, eliminating all your car loan debt.
  2. Chapter 13 bankruptcy– Filing for chapter 13 bankruptcy will immediately stop the repossession of your car, and you will be able to restructure your payments, providing you with an easier way to repay your car loan debt. Also in a chapter 13, a lawyer may be able to secure a “cramdown,” in which you will pay off the vehicle’s current market value and eliminate the remaining debt.

If circumstances cause you to miss one or two car payments, you may begin to feel the stress of worrying about repossession. As soon as you file for bankruptcy, you are protected by the Bankruptcy Court and the lender may not repossess your car. In fact, creditors will not even be allowed to contact you directly. Instead, your bankruptcy attorney at McDowell Posternock Apell & Detrick, PC will handle these communications and advise you about your vehicle payment options.

Why should I consult a bankruptcy lawyer about my car loan debt?

  • Obtain professional assistance to keep your car by declaring bankruptcy and restructuring your payment plan
  • Potentially get your vehicle back if it has already been repossessed
  • Possible reduction in monthly payments
  • Learn the truth about bankruptcy and how it will impact your credit and overall lifestyle.
  • Receive assistance rebuilding your credit.

Seek bankruptcy advice with a free phone consultation

Your car is likely one of the most important assets you own. If you have started missing payments, it’s not too late to prevent the repossession of your motor vehicle. The knowledgeable South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC can help. Call us or fill out our contact form to schedule a free phone consultation

i felt as if she was looking
out for us like family

We closed our house sale yesterday with Melanie Levan. She was so professional, knowledgeable and great to work with. I felt as if she was looking out for us like family. I highly recommend her.

Debbie Poley Thompson

Our Awards

McDowell Posternock Apell & Detrick attorneys have received recognition from various groups and publications. Specific awards are noted on our attorney bios. More information about each of these awards and the methodology used for selection can be found on the following links. Super Lawyers, Awesome Attorneys, South Jersey Biz Best Attorneys in Business. No aspect of these accolades has been approved by the Supreme Court of New Jersey.

Schedule a Free Phone Consultation

Fill out the form below to receive a free and confidential initial consultation.
For immediate assistance during business hours, call us at (856) 861-3474.
*Bankruptcy consultations may be scheduled in person

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866.879.8855

Local

856.861.3474

Maple Shade

46 West Main Street
Maple Shade, NJ 08052

Fax: (856) 482-5511

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Moorestown

400 North Church St. Suite 250
Moorestown, NJ 08057

Fax: (856) 642-6148

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Browns Mills

57 Juliustown Rd
Browns Mills, NJ 08015

Fax: (609) 893-1277

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Philadelphia

1528 Walnut St, Suite 2015
Philadelphia, PA 19102

 

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