Bowie Repossession Defense Lawyer

Skilled Attorney Helping to Protect Your Assets Against Repossession in Bowie, MD

When you buy a car or take out a title loan, your vehicle is used as collateral. Other types of loans can also require collateral as an assurance that the lender will have something to liquidate if you default on your payments. Losing your vehicle to repossession could impact your ability to get to work, transport your children to school and activities, and take care of other daily needs. Filing for bankruptcy can stop a repossession in its tracks, and you might even be able to get back property that was already taken away. In these situations, you need a dedicated attorney to help you turn your financial setback into a comeback.

Partnering with Bloc One Services, LLC means you will have a dedicated team to help you protect your assets. Attorney Hope Blocton will first speak with you to get a clear picture of your financial situation, then explain the different kinds of bankruptcy and how each may address various types of debt. Whichever option is best for you, you can count on us to support you at every step.

Preventing Repossessions in Bowie, Maryland by Filing for Bankruptcy

As soon as you file for bankruptcy, an automatic stay goes into effect. That means your creditors must halt any actions against you, including foreclosures and repossessions. They are not allowed to contact you directly after you file, so you will no longer have to deal with constant phone calls or other communications that demand payment.

We will help you determine which bankruptcy filing option best meets your needs, and we will work diligently to help you retain your assets, whenever possible.

Chapter 13

Choosing Chapter 13 bankruptcy is often the better option if you have secured debts, such as car loans and mortgages. If your lender was threatening to repossess your car or other collateral, you had probably missed one or more payments. Once you get behind, it can be incredibly difficult to catch up.

Chapter 13 allows you to include your past-due balance in your filing, and you may also continue making payments to ensure that you remain current on your loan. The payments made toward your repayment will be distributed among your creditors. The repayment term is usually between three and five years. After completing your Chapter 13 payments, any remaining balances on unsecured debts will be eliminated.

Chapter 7

Chapter 7 bankruptcy may not be the right choice if you want to keep your assets. This type of bankruptcy filing is primarily designed to discharge unsecured debts, such as personal loans and credit card debt. However, the automatic stay will remain in effect until your bankruptcy process is complete. With Chapter 7, that process usually takes a few months. During that time, you might be able to make up past-due payments or reach an agreement with your lender for better repayment terms.

Getting Back Property That Has Already Been Repossessed in Maryland

If you believe your property is about to be repossessed, or if it has already been taken, call us immediately. Timing is crucial if you hope to keep your assets or get them back. Repossessed vehicles are often sold at auctions to give the lender some of their money back. If your car has not already been sold, the bankruptcy automatic stay should prevent a sale and give us time to address your past-due balance so that you can regain ownership.

Call Our Bowie, Maryland Repossession and Bankruptcy Attorney

If you are facing repossession, or if your property has already been repossessed, you need a bankruptcy attorney who will take immediate action on your behalf. Call Bloc One Services, LLC right away at 240-200-0076 or contact us online to schedule your no-cost consultation. We serve Charles, Montgomery, and Prince George's County and Washington D.C.