Is That You Hiding Your Car From the Repo-Man?

Ok, so you missed a few car payments and your car finance company has assigned your car to be repossessed. You tried talking to them but all they want is payment for the 3 months you missed plus 3 more future payments to keep you honest. You obviously don't have 6 month of payments and you definitely can't afford to loose your car. How will you get to work right? That's not their problem as much as it is yours, so you hide your car...everyday.

Did you know you can file your own federal repayment plan? It's called Chapter 13. Chapter 13 is not "straight bankruptcy" like the more popular chapter 7. Chapter 13 is a repayment plan that you file in your district bankruptcy court and forces your creditors to accept your payment plan as long as you can afford it. Once you file, the repo-man must leave your car alone. If your car was already repossessed, filing chapter 13 will keep your car from being sold at the auction.

A bankruptcy attorney will charge you a lot of money to file this in court for you, but the court will recognize your chapter 13 petition if you filed it on your own. You must income-qualify for the repayment plan you file. Keep an eye out for a guidebook I'll be posting on this.