What steps can I take to keep my vehicle from being repossessed?

When times are financially tough, you need options. Your car or truck is responsible for opening many of those options for you. Whether it is driving yourself to a job interview or getting yourself to the job site every morning, personal transportation helps you bring home a paycheck.

If someone tries to repossess your car or truck, it is a direct threat to your ability to earn the money that you need. When someone is threatening to repossess your car or truck, it is time to learn what options you have and the knowledgeable attorneys at Baker & Associates can help.

Cars and trucks are usually the second biggest purchases a family makes. We are willing to spend that money because our vehicles help us to get kids to school, get to work, go to the grocery store, and travel to see friends and family. Without a car, you are at the mercy of public transportation. A Baker & Associates bankruptcy attorney can help you keep that from happening.

You should know that repossession might not even free you from your obligation to the bank. You may still owe money if the lender sells the car for less than the balance owed. Get the information you need by contacting a Houston bankruptcy lawyer so that you can fully understand the choices you are trying to make.

Car dealers offer complicated financing that can cause payments to soar after the first late payment. They quickly begin harassing you with threats of repossession and destroying your credit. Some unscrupulous dealers even collect deposits and payments from people who they know cannot possibly afford them. That way they can repossess the car and sell it over and over.

Repossession is not the easy way out. It can have some very serious consequences. Repossessions typically stay on your credit report for up to seven years. If you are facing a Houston repossession, get help from an experienced bankruptcy lawyer like Reese W. Baker.