St Louis Car Auction - Sell

Article by Jim Brown

Car repossession is a serious yet common tactic used by your creditors attempting to collect a debt. Fortunately,this powerful action can be stopped by Missouri and Illinois bankruptcy attorneys. They use the same law that provides protection from foreclosure, credit card debt help, and relief from harassing creditors and use it stop repossession.

Your creditors are legally allowed to repossess your car once you?ve missed two payments. Fortunately, a Missouri or Illinois bankruptcy attorney can stop this from happening with a Chapter 13 bankruptcybut you must act quickly. Your must contact a bankruptcy lawyer within 10 days from the date it was taken. Sure, some lenders may give you more than 10 days but, when it comes to your car, it is better to be safe than sorry.

Still thinking that bankruptcy isn?t the best option for you? If you do indeed decide to give your car up, you might be in just as much?if not more?trouble. If your car is sold at auction for less than you owe, you will have to pay the balance back to your lenders. Your creditors will stop at nothing to collect that debt?including harassing phone calls and garnishing your wages. On top of not having a car, these actions will make it much harder to pay back the debt.

Whatever it is you choose to do, remember to do it quickly. Here are a few steps you can take if your car has been repossessed or is in danger of being repossessed.

1.Take a long, hard look at your finances. If the financial situation that makes you unable to pay your car payment is temporary, then perhaps bankruptcy isn?t for you. But, as many Missouri and Illinois bankruptcy attorneys know, debt tends to have a snowball effect. It creates problems in every area of your lifeand usually has no foreseeable end.

2.Check on every option. You can call your lender but, in this economy, it might not do any good. Don?t underestimate the power that Missouri and Illinois Chapter 7 bankruptcy has to change the financial future for you and your family.

3. Act quickly. Whether you decide to give up your car or you decide to save it (and yourself) from your creditors, decide soon. Waiting to take action can take you into a much harder situation to get out of.

Source: http://stlsell.com/stl-auctions/st-louis-car-auction-st-louis-car-auction-2011/

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