Released on: 3, January 2006
, Author: David M. Siegel & Associates
, Audience: Internet related
For Immediate Release:
David M. Siegeldavidmsiegel@hotmail.co mhttp://www.bankruptcylawyers chicago.com
Suffering through a repossession does not necessarily mean that the vehicle is lost. In fact, a repossessed vehicle is recoverable by its owner as long as the vehiclehas not been auctioned off or sold by the finance company. There are however a fewrequirements that must be met in order to convince the auto finance company tocooperate with the return of the vehicle.
1. The vehicle must be fully insured. The finance company will not let the vehicleleave the facility without proof of full coverage auto insurance. They simplycannot afford the risk that the vehicle will become damaged beyond repair ortotaled.
2. The vehicle owner must typically provide guaranteed funds to bring the accountcurrent. This will also include the costs that the finance company incurred torepossess and store the vehicle.
But what if someone cannot make a lump sum payment to become current as well as paythe repossession and storage costs? They may consider Chapter 13 bankruptcy toreorganize the vehicle debt.
Remember, until the vehicle is sold or auctioned, the owner still has the ability tomake a full payment or make payment arrangements. The payment arrangement can beChapter 13 bankruptcy.
In a Chapter 13 bankruptcy, the vehicle may be paid over the course of thirty-six(36) to sixty (60) months. The vehicle must be insured and the owner may berequired to pay the repossession and storage charges up front. The outstandingbalance, however, may be paid over the three to five year reorganization term. David Siegel, Chicago bankruptcy attorney and American Bankruptcy Institute member,states that "Chapter 13 has saved many vehicle owners from having to look foranother vehicle." "Most people are in love with their cars, states Siegel, and theywill do just about anything to try and save them."
For More Information:
David M. Siegeldavidmsiegel@hotmail.co mhttp://www.bankruptcylawyers chicago.com
Source: Express-Press-Release.com
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