Most often when individuals start to run into serious financial situations they become heavily concerned about the assets they have and the possibility of losing them. The two major concerns are usually the home and the vehicle.
Quite often when there just isn’t enough money to go around then individuals will start to renege on their car payments rather than on their mortgage, so usually the mortgage default comes last. However, the risk now is that once the car goes into default that it will be repossessed.
It all depends on what state you are in as to what the laws are concerning vehicle repossessions. In Texas the vehicle can be repossessed. Once it happens however, you do have 10 days to take action before the creditor who has repossessed the car can sell it.
Once this happens it is critically important that you consider filing for bankruptcy if you don’t have any other resources to rectify the situation. You need to get a hold of a qualified bankruptcy attorney and advise them that your car has been repossessed, and this expert can help you with filing the proper papers and getting your bankruptcy action started.
Really for individuals that have gotten into such a tight financial situation where they are on the brink of something being repossessed or their wages being a garnished in some cases, rather than let it get to this point seeking out a bankruptcy opportunity that offers a form of debt relief is really the best choice.