Most car owners rely on their vehicles every day. They use them to commute to work, perform daily and weekly errands, and take long trips. Without their cars, they would lose a significant amount of independence. This can be frightening if you fall behind on your car payments. When this happens, you are at risk of losing your vehicle to repossession. The good news is that you may not have to give up your vehicle if you are facing financial difficulty. There are steps you can take to protect your vehicle from repossession. The first is to consult with an Ohio bankruptcy attorney as soon as possible.
When Your Car Can Be Repossessed
Repossession laws in Ohio are pretty generous to the company repossessing the vehicle. There are very few hoops they have to jump through and only a few restrictions on their behavior. For this reason, you should contact our Ohio attorneys as soon as possible if you believe your car is in danger of being repossessed.
According to Ohio law, your vehicle can be repossessed as soon as you default on the loan. Depending on the contract you signed, this could be as soon as the day after you missed a payment deadline. Furthermore, the creditor doesn’t have to get approval to repossess your vehicle or give you any notice that it will be repossessed. They can take the vehicle (or hire a repossession professional to take it) promptly.
Your vehicle can be repossessed without warning as soon as the day after you miss a loan payment deadline.
Options When You Default on Car Payments
Explanation From Repossession Attorneys in Ohio
If you have defaulted on a car loan, someone might try to repossess your vehicle quite quickly. It isn’t uncommon for someone to attempt to repossess your vehicle within 24 hours. The following are some options that may help you keep possession of your car.
Remove Personal Items from the Vehicle
Given that a creditor can repossess your vehicle without a court order or warning, it may be advisable to remove any personal items from the vehicle if you are late with a payment. A creditor cannot attempt to take the vehicle from a locked garage, but they can get an order to allow the repossession.
Are you at risk of losing your car to repossession in Ohio? Contact the Ohio bankruptcy lawyers at Fesenmyer Law Offices, LLC today at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) to learn about your options.
Examine Your Loan Contract
While most loan contracts will place you in default as soon as you miss the deadline for a single loan payment, not all car loans are that way. Your contract may provide you with options for keeping your vehicle after you miss the deadline for a payment. It is better to resolve the situation before repossession occurs if you can.
Respond Immediately to a Replevin Case
When your creditor is prevented from repossessing your car traditionally, they may request a court order to repossess the vehicle (a replevin case). If you receive a notice of a replevin case, you must request a hearing within five days to fight the order. Then, you have 28 days to file an answer and resolve any payment delinquency.
Consult With a Bankruptcy Lawyer
If you are falling behind on car loan payments, the odds are good that you are falling behind on other payments as well. When you are under serious financial stress, bankruptcy may resolve your problems. Filing for Chapter 7 bankruptcy can protect your vehicle if it has not been repossessed yet When you file for Chapter 7 bankruptcy, the court places an immediate stay on your creditors. This prevents them from contacting you about your debts or taking any action to recover owed money, except through the courts. The Chapter 7 does not cure any missed payments, so you will need to resolve the payments if you want to retain the vehicle.
Similarly, filing for Chapter 13 bankruptcy can also protect your vehicle. This type of bankruptcy allows you to cure any payments that you are behind and consolidate your other debts in a 3-5 year repayment plan. Your creditor cannot attempt to repossess your vehicle while you are in the Chapter 13 bankruptcy without court approval. An attorney in Ohio will help you determine which of these options are optimal, given your circumstances. If neither works for you, your attorney in Ohio may also be able to direct you to other legal ways to protect your vehicle.
Contact the Bankruptcy Attorneys in Ohio at Fesenmyer Law Offices, LLC Today
When a creditor repossesses your vehicle, they aren’t only taking away your car, they are taking away your independence and maybe even your livelihood. Ohio law provides you with limited options to protect your vehicle. The Ohio bankruptcy lawyers at our law firm can help you understand those options.
Are you concerned that your car will be repossessed due to missed car payments? Contact our Ohio attorneys at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) to schedule a consultation today.
