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Repossession of a Vehicle

Repossession of a Vehicle

If a debtor defaults on a car loan, the lender will often repossess the vehicle.  Usually within several weeks, the lender will then sell the vehicle at auction and then apply the sale proceeds to the defaulted loan. 

In a Chapter 7 case, the debtor is permitted to discharge the deficiency through the bankruptcy process.  the deficiency is the difference between the amount of sale proceeds and the loan balance.

If you have questions about the remedies available in Chapter 7 bankruptcy, call our office for a free consultation.

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Law Office of Timothy Brown is committed assisting individuals in need of Debt Relief, Bankruptcy Litigation, Chapter 7, Chapter 13, Creditor Harassment Defense, Debt Collection Defense, and Foreclosure law issues in Illinois.

We will discuss your case with you at your convenience. Contact us today to schedule an appointment.