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Bankruptcy Issues: Repossessions

Orlando Bankruptcy Lawyer, L. Todd Budgen provides professional Bankruptcy and Debt Relief Attorney services in Orlando, Maitland, Longwood, Winter Park, Orange - Osceola - Seminole Counties, and Central Florida.

Call 407.481.2888 about your Bankruptcy law needs in Orlando and Central Florida.

A bankruptcy filing can help you discharge debt from old repossessions of cars, motorcycles, boats, golf carts, etc. Regardless of whether you voluntarily surrendered the collateral or if it was an involuntary repossession, the result is the same – there is an unpaid balance or deficiency that remains and it is a negative mark on your credit report. That makes financing a vehicle difficult or impossible for you. The difference between being able to finance a vehicle purchase at a reasonable interest rate and a high interest rate is huge.

Many people are unable to buy a vehicle for cash outright. A vehicle loses about 10% of its value the minute you drive it off the lot. Lender can charge thousands to repossess, store and resell a vehicle. So, when a job loss or illness disrupts your ability to pay a car loan, and it gets repossessed, more often than not, you will owe more on the loan than what the car is worth. With the added fees and costs, it is not uncommon to see some people owe about as much on a car loan after repossession and sale as they did when they still had the car.

Also, it is quite common for car lenders to want a co-signer when the primary borrower is young, does not have credit history, or has bad credit history. Many of our clients are on the hook because they co-signed for a family member or friend who defaulted on the loan. Both signers are usually both fully and independently liable for a car loan.

Repossession deficiencies may be discharged in Chapter 7 or Chapter 13.

Call 407.481.2888 for a free consultation to find out if filing a bankruptcy can help you with repossession debt.

L.Todd Budgen, Orlando Lawyer

2180 West State Road 434,
Suite 6116,
Longwood, FL 32779

Phone: 407.481.2888
Fax: 407.313.1119

Budgen Law Staff




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Budgen Law
Attorney, L. Todd Budgen - Orlando, FL Lawyer | 407.481.2888

Bankruptcy Law Attorney in Orlando and Central Florida

Orlando Lawyer, providing experienced Debt Relief Representation, Repossessions, and Bankruptcy Attorney legal representation in Orange County Florida, including: Orlando, Maitland, Apopka, Winter Park, Alafaya, Bay Lake, Belle Isle, Bithlo, Christmas, Doctor Phillips, Eatonville, Edgewood, Fairway Shores, Goldenrod, Gotha, Hunter's Creek, Lake Buena Vista, Lockhart, Meadow Woods, Oakland, Ocoee, Orlovista, Pine Castle, Pine Hills, Southchase, South Apopka, Taft, Tangerine, Union Park, Wedgefield, Williamsburg, Windermere, Winter Garden, Zellwood, Seminole County Florida, including: Sanford, Longwood, Altamonte Springs, Casselberry, Forest City, Geneva, Goldenrod, Heathrow, Lake Mary, Lake Monroe, Oviedo, Wekiva Springs, Winter Springs, Osceola County Florida, including: Kissimmee, St. Cloud, Campbell, Celebration, Champions Gate, Deer Park, Four Corners, Harmony, Intercession City, Kenansville, Narcoossee, Poinciana, Reunion, Yeehaw Junction, and throughout the Central Florida Area.

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