Question: I need to speak with a bankruptcy lawyer now. I live in Atlanta and I bought a car that I can't afford and now I'm worried about a repo. I know that they are looking to repossess my car because I got a notice. It's a new Ford Mustang. I thought I could afford it but then my ex-wife got an increase in the amount of child support I pay. Because of that I can no longer afford my car.
But I don't want a repossession to happen. I started a heating and air conditioning business in Buckhead and I think with that income I can pay my car note easily. But that income might not start for another year or two.
Since I need to save my car a friend told me to contact a bankruptcy attorney. That friend said that you prevented a repo of her car about a year ago.
So what should I do to stop the repo of my dream car? I can meet with you anytime.
J.J. in Atlanta
Answer: Many people are finding themselves in danger of car repossession. We are getting contacted by a great deal of people who have cars that they cannot afford due to a job loss, a divorce (or child support issue, as in your case) or simply because they are not earning the same amount of money that they once did.
A bankruptcy filing will stop the repo. A chapter 13 bankruptcy will allow you to put any payments that have not been made (the arrears) into the bankruptcy plan. The bankruptcy allows for those past-due payments to be paid over the life of the plan (which could be 5 years).
As an example, if you have not made a car payment in 6 months, those 6 months of payments can be paid off through the bankruptcy over 5 years.
However, and this is very important, you must keeping making your monthly payment while you are in bankruptcy. In many ways, it's like the missed payments don't count, but you will need to start making the payments every month to keep your vehicle.
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