Stop Repossession in St. Louis

If your car is at risk of repossession, bankruptcy can stop the process and help you catch up on payments.

The Automatic Stay Stops Repo

Filing bankruptcy triggers the automatic stay, which immediately prevents creditors from repossessing your vehicle. If your lender has sent a notice or a repo agent has contacted you, filing bankruptcy stops them.

Chapter 13: Catch Up on Payments

  • Spread missed payments over 3-5 years through your repayment plan
  • Continue making regular payments going forward
  • Cramdown: If you have owned the car more than 910 days, you may reduce the loan to the car's current value
  • Interest rate may be reduced

Already Repossessed?

If the car has been repossessed but not yet sold, you may be able to recover it by filing bankruptcy. The automatic stay requires the creditor to return the vehicle. Time is critical -- once the car is sold, recovery becomes much harder.

Frequently Asked Questions

How fast do I need to file?

As soon as possible. Once the car is sold, recovery is unlikely. Emergency bankruptcy filings can be done within hours if needed.

What about the deficiency balance?

If you surrender the car, the remaining loan balance after the sale is dischargeable in both Chapter 7 and Chapter 13.

Open Bankruptcy Project Network

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