Phoenix Repossession Attorney
Learn more about how to halt the repossession process, by calling a Phoenix bankruptcy lawyer at (602) 466-9631 today.
Preventing Car Repossession and Home Foreclosure in Phoenix
Resolving your debt burden will allow you to get back to enjoying the cultural activities and natural splendor that Phoenix has to offer, including the Desert Botanical Garden, the Musical Instrument Museum, and art galleries along Roosevelt Row.
If you are currently unable to make a loan payment, talk to a Phoenix bankruptcy lawyer as soon as possible. When you miss a loan payment, creditors are not required to inform you before repossessing your car or filing papers to foreclose on your home—but your attorney can help prevent repossession and foreclosure.
There are legal options available for halting the repossession process and discharging or restructuring your debt burden to make your payments more affordable. When you file for Chapter 7 or Chapter 13 bankruptcy, it activates an automatic stay, preventing creditors from repossessing your automobile or foreclosing on your home.
To protect your assets and discover the debt relief strategy that’s right for you, talk to Cy Hainey at Hilltop Law Firm. Cy is a bankruptcy attorney who’s been helping people in Arizona overcome their financial challenges for over 10 years. At Hilltop Law Firm, we provide legal and financial assistance to help you get back on your feet again.
Reach out to us at (602) 466-9631 today.
Protection Against Automobile Repossession
Default is when someone fails to meet his or her financial obligations to repay a loan. This may happen due to a missed payment, lack of required insurance, or because loan collateral has been sold, damaged, or destroyed.
Repossession is when a creditor reclaims property after the debtor fails to keep up with the payment schedule. Any type of property used as collateral to secure a debt can be repossessed, including cars, real estate, and goods purchased under rent-to-own agreements.
In Arizona, creditors are legally allowed to repossess your vehicle after you miss a single payment unless your loan contract stipulates a waiting period that must be honored prior to repossession. It’s incredibly disheartening to have someone suddenly take away your car, and you might not even realize that it’s being repossessed.
People who repossess vehicles are not allowed to violate Arizona trespassing laws, and they are prohibited from threatening or injuring you. Auto repossession agents may be held legally liable if they engage in any behavior that “breaches the peace.”
If your vehicle has been repossessed, you may have options to get it back. Your attorney can help by finding out if your car was wrongfully repossessed because the creditor failed to file the necessary paperwork in advance or if the repossession violates your loan agreement. You may also be able to recover your vehicle and resume payments.
Your attorney will also advise you on strategies for preventing repossession before it happens, including:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Redemption 722 loan modification
Protection Against Home Foreclosure
When a creditor repossesses a person’s home, it’s referred to as a foreclosure. After a creditor posts notice that your home is under foreclosure, they have to wait at least 90 days before repossessing the property. This gives you time to speak with a bankruptcy lawyer and go over your options.
Filing for Chapter 7 or Chapter 13 bankruptcy will put an immediate halt to foreclosure proceedings. Both types of bankruptcy have provisions that may allow you to keep your home, but under Chapter 7, there are limits on the amount of home equity you are permitted to retain. Your bankruptcy attorney can assess your circumstances and advise you on which type of bankruptcy is appropriate for your situation.
Options for preventing home foreclosure include:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Negotiating a loan modification
- A short sale with terms agreed to by the lender
Helping You Reach a Brighter Financial Future
Contact Hilltop Law Firm and let our Phoenix legal team help you get back on your feet again. Head Attorney Cy Hainey understands that each client faces a unique set of challenges. He’ll provide you with individual attention and design a custom-tailored plan that meets your needs.
Call us at (602) 466-9631 to learn more about your options with a free consultation. We are happy to meet with you in person or via Zoom.