After you have received notice that your vehicle is being repossessed you are left with the unpleasant reality that you are now without transportation. You may be feeling at a loss and wondering if there is any possible way to reverse the situation you are now in. At Goldman & Beslow, LLC, we are advocates for people in New Jersey who may be struggling with financial debt that has left them in challenging circumstances.
If you are a New Jersey resident who has received warnings about possible repossession of your car due to nonpayment, you may be wondering what options are available to you to help you keep your vehicle. At Goldman & Beslow, we have seen many cases involving vehicle repossession. Here is some idea of the options available to you.
If you struggle with debt, you may face a time when your house goes into foreclosure. One missed payment can start the process. In New Jersey, your foreclosure is made public, which means you become subject to scammers who want to try to take advantage of you. According to USA.gov, you may come across foreclosure scams in advertisements or through direct contact. These scams involve making big promises but delivering nothing.
When you decide to file bankruptcy in New Jersey, you may not completely understand how the process works. The most confusion often comes from what will happen with your assets. Many people mistakenly believe they will lose everything. However, bankruptcy is not meant to hurt you. It is not a punishment. The goal is to help you start fresh and get control over your finances again. To do that, you need to have some assets at your disposal.
When it seems you just cannot stay on top of your bills, you might fear the next step is the repossession of your assets. Some may turn to New Jersey credit counseling as the answer to their mounting debt. Credit counseling can be helpful, and while it does not guarantee the salvation of your car, home, etc, it can still open doors that may lead you back to financial solvency.
Buying new assets can be exciting and you may feel confident about your ability to pay down the debts and eventually be the sole owner of your new car or home. However, if you run into issues with financial stability and are unable to make your payments on time, the consequences can quickly add up and leave you facing costly consequences. At Goldman & Beslow, LLC, we have helped many people in New Jersey to address debts with solutions that may help them to regain independence.
If you file bankruptcy in New Jersey, the court may take some of your assets. It then sells those assets to get money to repay your creditors. However, there are certain exemptions you may take to keep possession of some of your property. These are outlined by the law and usually have strict limits based on value.
If you get a loan to buy your car in New Jersey and you fail to make your loan payment, then you could face having your car repossessed. It is ideal for you and your lender to avoid this situation. You would lose your vehicle, while the lender would end up with a car instead of the money it really wants. Furthermore, you would still be liable to pay off the loan even though you no longer have anything to show for it.
If your debt becomes uncontrollable, you may have no choice but to file for bankruptcy in New Jersey. Doing so will change your finances and possible lead to you losing some of your assets. If you have an auto loan, you may wonder if there is any way to keep your vehicle, especially if it is the only one you have.
There are many different types of protected property that you could be able to keep after certain types of New Jersey bankruptcy, especially chapter 13. For example, you might be able to keep your car or your home. However, your situation is likely to require an exacting analysis to maximize asset retention while still appeasing your creditors.