Filing for bankruptcy can stop car repossession in Miami and may even allow the filer to re obtain his car. The Chapter 13 Bankruptcy can stop repossession. If your car has been repossessed by a creditor and not sold by him when you have filed for Chapter 13 Bankruptcy, then the court can order the creditor to return the vehicle to you.
Under this bankruptcy law the monthly payments and your interest charges can also be lowered or reduced to some extent. In certain cases the balance secured by the car can be reduced to its market value. Chapter 13 Bankruptcy can stop car repossession in Miami Floridaas the person pays a single monthly payment which consolidates all his bills.
If you are behind on car payments, the creditor can immediately take possession of your car without any further notice. The car cannot be repossessed unless the contract gives a grace period of some sort. Another option available for a person to stop car repossession in Miami, Floridais to contact the creditors before the repossession process starts.
In order to stop repossession you must be in a position to payout the entire outstanding balance of the defaulted payments. Sometimes you can also stop repossession by taking out another loan, if you have the ability to pay both the original loan and the second loan. Therefore it is very important that you understand the situation and try to prevent the repossession.
You can also get an advice from a lawyer or other financial advisors who can efficiently guide you to stop car repossession in Miami Florida. It is always better to gather information about the repossession laws that apply to your situation. This can help you save time and money and also guide you in the long run.
The above are some tips on how to stop car repossession in Miam Florida. Repossession can be stopped only if you make the payment on time or under Chapter 13 Bankruptcy law. A detail research has to be conducted about the repossession laws since it can help you make the correct decisions in future.