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FREE NO-OBLIGATION CONSULTATION:312-945-0021
Having a car is a critical part of daily life. We rely on our vehicles from the morning commute to getting groceries and going to the doctor’s office. If you have received notices threatening repossession, contact a car prepossession attorney at Benjamin Legal Services to schedule a free initial consultation and discuss your situation.
Contact Benjamin Legal Services to schedule a consultation with a lawyer today. 312-945-0021
If you default on your car loan, the finance company can repossess your car. Even if you missed only a single payment, they can take your car with no warning. However, there are some rules by which they must abide.
Repossession companies may charge storage fees in addition to the cost of the repossession. Before you pay the fees, contact a car repossession lawyer in Chicago, IL, to ensure the fees are reasonable.
Bankruptcy laws stop car repossession. If you don’t have the money to avoid repossession or get your car back, contact an experienced bankruptcy lawyer in Chicago. At Benjamin Legal Services, we have a deep understanding of Illinois bankruptcy laws. Our attorneys can help you file Chapter 13 to reschedule your debt payments and save your vehicle.
Once you file for bankruptcy, the court imposes an automatic stay. This injunction halts all collection activity, including repossession. If your automobile has already been taken, a Chicago bankruptcy attorney may be able to help you recover it.
By working with a lawyer to file Chapter 13 in Illinois, you can get help restructuring your debts into an affordable repayment plan. Depending on the situation, it may be possible to reduce the payment amount based on the lower value of your car.
Under Illinois bankruptcy laws, you will have the option to surrender property, such as your car, redeem the debt or reaffirm it. To redeem the debt, you offer a lump-sum payment to the financing company to release the lien. Individuals filing for bankruptcy often redeem the debt by getting a loan from another lender to pay the amount due. An advantage to this is that the amount required by the current lender may be less than what you previously owed.
If you decide to reaffirm the debt, it means that you acknowledge to the court that you don’t want to discharge the debt through bankruptcy. You recommit to the loan and all of its terms by signing a new contract. The agreement must be filed 60 days after the meeting of creditors date.
We understand how important your vehicle is. The compassionate team at Benjamin Legal Services can work to help you keep your car or secure its return. Contact us or call 312-945-0021 to schedule a free consultation. We offer flat fees so that you know up front how much your case will cost.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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