Chapter 7 Bankruptcy Rights to stop Repossession


San Jose Fremont Bankruptcy Debt Relief Lawyer and Attorney serving Bay Area Counties

Repossession is the process where a lender or his agent takes back items that were bought on credit or were pledged as collateral for a loan from a borrower who has fallen behind on loan payments. The sad news about repossession is that the lender often obtains a deficiency judgment to come after the borrower or debtor for the balance of unpaid amount.

Deficiency Judgment

Deficiency is any amount you still owe on your contract after your creditor repossesses your property and sells it and applies the amount received to your unpaid obligation. This happens when the creditor sells the property for less than the amount you owed. In most states, a creditor who has followed the proper procedures may conduct a public sale or Sherriff sale with court’s help.  The creditor may be allowed to sue you for a deficiency judgment to collect the remaining amount owed on your debt depending on the terms of your contract with the creditor.

In chapter 7 bankruptcy automatic stay, creditors or repossession agents cannot take your car. Here, the automatic stay is just a temporary solution but it allows you time to resolve your financial problem with the creditor or lender.  If you want to keep the car on a permanent basis, you will have to reaffirm your car loan or surrender the car in your bankruptcy filing to the creditor.

If you are having financial difficulty, lost your job or have high medical bills and want to start fresh, you need to hire a skilled attorney and lawyer at the bankruptcy debt relief law office of Geoffrey Nwosu representing clients in San Jose Santa Clara County, Alameda County, San Mateo County and San Francisco Bay Area. Our law office attorneys and lawyers represent clients who are facing foreclosure, creditor harassment, high medical bill, court judgment, repossession, wage and IRS garnishment. You have rights. We can help you.

Please contact the Bankruptcy Debt Relief Law Office of Geoffrey Nwosu located in Silicon Valley, California at 408-912-5983 for a confidential free consultation

Law Offices of Geoffrey C. Nwosu

1710 Hamilton Ave.
San Jose, CA 95125

(408) 912-5983
(408) 375-7703



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