Bankruptcy and Repossession: How to Recover
Bankruptcy and repossession are among the worst situations that one can find themselves in. Unless you have the income to pay off your debts over time with a Chapter 7 filing, you will likely be forced to liquidate assets to pay off debts. Roughly 70% of bankruptcy cases are Chapter 7 filing, which means that most Americans are forced to liquidate assets to get out of debt, often times through repossession. If this has happened to you or it is currently happening to you, it can be hard to see the light at the end of the tunnel. The Groce & DeArmon blog is here to tell you why there is still hope and there are ways to recover.
Understand Why Bankruptcy and Repossession Happened
The aftermath of bankruptcy and repossession is a process – a particularly long and winding process. It is good to start this process with some introspective observation. Why did this happen? How did this happen? Life doesn’t end with bankruptcy and repossession. At some point, hopefully, sooner rather than later, you will be looking for a car or a house. It’s important to remember what mistakes were made and led to bankruptcy and repossession so that you won’t make those same mistakes in the future.
Find Out What Your Options Are
Each individual instance of bankruptcy and repossession are unique, so they there may even be options in what happens to your assets. Often, banks and repossession companies will work with you to get your car back by paying back the loan or setting up a payment plan. However, you also have to consider our last section. Even if they will help you get your car back, will you be able to pay for it? Is it a wise decision. And if you are really in dire straights, would you be able to pay for the insurances, gas money, and maintenance on top of the loan?
So while there may be options for you to keep your assets, it may not be wise to do so. If so, it’s important to sit down with a bankruptcy attorney and find out what is best for you in your situation and context.
Planning For the Future
Once the dust settles on bankruptcy and repossession, life goes on. Which means it’s time to make a plan for moving forward. This can’t happen unless you understand your debt and know your capabilities. It is vital that you don’t bite off more than you can chew in your recovery process. You may have to downsize significantly with your housing or use public transportation for a while. You may need to work overtime or find another job. These things aren’t ideal, but they will help to set up your long-term future in a way that is manageable.
Groce & DeArmon, P.C. Want To Help
The road to recovering from bankruptcy and repossession is a long one and we don’t sugarcoat that. However, Groce & DeArmon, P.C. exists to help people like you handle your debt. Contact us today at (417) 862-3706, call us toll-free at 1 (800) 640-3706, or visit our website for more information.