If you are behind on your car, motorcycle or boat payment, don't hide from it. In Florida, once a vehicle has been taken by a lender, it's gone. You could also find yourself still on the hook for a significant part of the loan.
I'm Joel Gross, a bankruptcy lawyer in Clermont, Florida. If you have had your car, boat or motorcycle repossessed, or are behind on your payments, I offer a free initial consultation to evaluate your situation and discuss your options.
If you have a loan on a car, boat or motorcycle, the loan is secured by the vehicle. That means the lender can repossess the vehicle at any time if you are behind on the payments — even if you are late by only a few days.
If you are behind on your vehicle payments, you can prevent repossession by filing bankruptcy. When you file bankruptcy, your creditors must stop all attempts to collect debts, including repossessing your vehicle.
When you file bankruptcy, you can also reduce the amount of the outstanding loan to the vehicle's current value, which may be significantly less than what you owe.
In Florida, once a vehicle has been taken, you can't force the creditor to give it back.
When a lender repossesses your vehicle, it will sell the vehicle at auction to pay off the loan. However, you will still be responsible for the difference between what they sold the vehicle for and what you owe on the loan. However, you can discharge any unpaid loan balance by filing bankruptcy.
To schedule a no-cost and no-obligation consultation with me, attorney Joel Gross, call 352-536-6288 or send an email. Evening and weekend appointments are offered for those who cannot meet during business hours. Spanish-speaking service is available.
The Law Office of Joel L. Gross is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.