Stop Car Repossession in Tennessee – Bankruptcy Lawyer
For most Tennessee residents, a car is a necessity. You need transportation to get to work and go to the grocery store, among other things. If you have fallen behind on your loan payments and are facing repossession by your lender, you do have options, such as filing for bankruptcy.
Bankruptcy can be an effective way to stop car repossession proceedings, or at the least, settle your deficiency balance (the difference between what your lender sells your car for after repossession and your loan amount). When you file for bankruptcy in Tennessee, the lender must stop repossession efforts for your vehicle. You may even be able to get your lender to return your already repossessed vehicle.
To learn more about Chapter 7 or Chapter 13 bankruptcy code in Tennessee, contact The Pope Firm for a free consultation. Our qualified team has helped countless residents stop the repossession process, keep their vehicles, and get out from under the stress of excess debt.
Repossession is a possibility if you used your vehicle as collateral for a loan, whether that be for the purchase of the vehicle or another purpose. If you don’t honor your loan agreements, your lender can—and likely will—put your car or vehicle up for repossession.
In Tennessee, a lender can repossess an RV, car, truck, motorcycle, or any other vehicle covered in a loan agreement.
A repo agent or lender does not need to notify you before beginning the vehicle repossession process. The lender also does not need to hold a court hearing. However, under Tennessee law, the car repossession company must inform you how you can retrieve your personal items from the repossessed vehicle or car. You will be given an appointment to claim your items.
What If I Hide My Car from Repossession?
You should not hide your car from repossession agents, as it will only lead to additional loan fees from your lender. While hiding won’t help, a lawyer might if the repossession company or your lender failed to follow certain laws and repossession regulations regarding how and where they can take your property.
Tennessee repossession laws state:
Repossession agents may not come into your garage to recover your car uninvited.
Repossession agents may not use violence to get your car.
A repossession agent may not trick you into bringing your car to a vehicle repair shop.
Repossession laws give you a deadline by which to make a loan payment to your lender. After the deadline, the lender can repossess and sell your car.
When you file for bankruptcy in Tennessee, you can often keep your vehicle and may even be able to cancel fees on your loan or get a smaller monthly payment. That could make all the difference in your ability to get your finances in order, but the effectiveness of bankruptcy hinges on proper representation and experience. Call us to discuss your bankruptcy options today.
How Long Will a Repo Man Look for My Car?
Most Tennessee lenders hire a professional car repossession company to retrieve vehicles. The longer it takes them to find your vehicle, the more money you may have to pay back to the lender—and the lender may seek your vehicle indefinitely if they wish to do so.
As soon as you file for bankruptcy, whether Chapter 7 or Chapter 13, though, the lender must temporarily stop repossession of your vehicle. This gives you the opportunity to find a debt relief agency and decrease your loan balance, negotiate your deficiency balance, or work out a forbearance agreement with your lender.
Get Help with Your Tennessee Vehicle Repossession Case
You don’t have to navigate the repossession process alone. We’re here to help you stop your car from being repossessed—call The Pope Firm bankruptcy law office and work with one of the top bankruptcy lawyers in Tennessee.
The information shared here should not be taken as legal advice and does not constitute an attorney-client relationship.