What To Do if Your Lender is Unwilling to Negotiate
If your lender is not willing to work with you on negotiating the matter of your defaulting payments, we strongly urge you to let us review all of your financial information. That way we can determine if bankruptcy is a viable option and can assess if you can retain your car or property and get better control of your debts.
Under a bankruptcy filing, the court will issue an automatic stay that prohibits your creditors from contacting you regarding what you owe. This can stop repossessions and give you a grace period in which to explore your options.
Under certain circumstances, you may be able to keep your vehicle or secured property after filing bankruptcy. This is generally done through curing your default or by signing a reaffirmation agreement which reaffirms your responsibility for the vehicle/property and the payments it requires.
You must be able to determine that you can afford the payments so as to remain in possession. Depending on your finances and your goals, you may opt for a Chapter 13 bankruptcy that will give you three to five years to reorganize your debts.
Get the Help You Need Concerning Repossession Today
Various options may be available to you when facing repossession. At Cerbone Law Firm, we can assess your situation, advise you on potential solutions, and provide the legal advice you need to make informed and intelligent decisions. Let us apply our years of debt relief experience to your situation by contacting us today.
Have more questions regarding reposession laws in New Jersey? We are available for a free consultation at (732) 402-0088 or contact us online to get started.