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Vehicle repossession and how to deal with it

Many Wisconsin residents find themselves facing overwhelming financial challenges at one time or another. The stress of the situation can be more than enough to deal with, but oftentimes these individuals also have to confront the reality that their possessions may be repossessed to satisfy debts owed. This often occurs when a debtor owns a vehicle and is unable to make the monthly payments. Yet, without that vehicle, an individual may be unable to make it to work, make money and pay down bills.

So, what can an individual do to regain a repossessed car or stop repossession altogether? First, an individual can try to negotiate with his or her creditor. If an individual knows that he or she will be unable to make a monthly payment or that repossession will occur in the near future, then he or she may be able to set up a revised payment schedule with the creditor. If this is a possibility, the debtor should be sure that the changes are made in writing so that they are legally enforceable.

If one's vehicle has already been repossessed, then the debtor may need to look at redeeming the vehicle, if possible. This essentially entails paying any remaining debt owed on the vehicle before it can be resold. This might be a challenge, but is certainly an option that may be available.

Another option is to file for bankruptcy. Depending on which type of bankruptcy is chosen, an individual may be able to set up a revised payment plan that prevents repossession and eases all forms of debt. Then, once the repayment plan is complete, certain debts may be forgiven. This is a great option for those in need of debt relief, and it might allow them to avoid asset forfeiture.

Source: FindLaw, "How to Get a Repossessed Car Back," accessed Jan. 18, 2016

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