Due to a major lack of public transportation and mass transit in most areas, having a vehicle is mostly necessary to commute in Michigan. If your vehicle has been recently repossessed, you must act quickly. Once a creditor repossesses a vehicle, the usually hold it for about 1-2 weeks before it is sent off to a 3rd party company to be auctioned off to another buyer. Once the vehicle is auctioned to another buyer, your rights to the vehicle are significantly damaged.
The fastest and most effective way to recover your vehicle is to file for bankruptcy. The current holder of the vehicle is required to turn the vehicle back over to you as a result of the automatic stay you are entitled to upon the filing of a bankruptcy case.
Depending on the age of your auto loan and your current interest rate, filing a bankruptcy can save you a lot of money from your auto loan by either reducing your interest rate or allowing you to pay only the value of the vehicle, not what is actually owed.
Give our office a call today at (248) 246-1166 to discuss your current vehicle situation and how to save money on your auto loan.