Dealing With Motor Vehicle Loan Difficulties

Car loans or other motor vehicle loans can become huge problems for consumers.  It is true that when a person goes to buy or lease a car they are often told how affordable a motor vehicle is by a business selling it.  Affordability is a relative things.  What is affordable for one person may not be  to someone else.  Each person needs to carefully look at his or her income and budget before seriously considering purchasing or leasing a vehicle.  Any such consideration also needs to take in mind how stable the source of income is that may be used to make payments.  Some people make the mistake of buying or leasing a motor vehicle with the idea that they will always be able to afford it.  If a person knows there is a likelihood that his or her income is going to go down or end in the near future buying a new car, truck or motorcycle does not make sense.  It makes even less sense to buy a hobby vehicle if income looks to be threatened in the future.  After purchasing or leasing a motor vehicle a consumer may experience problems paying on that debt.   Problematic motor vehicle debt  may take various forms either singly or in combination including past due installment payments, unpaid lease payments, disputes with lenders on the amount of debt owed or money claims for damages related to the ownership or use of a motor vehicle. Any of the forgoing types of debt claims can create serious financial pressures for a consumer. An experienced Minnesota bankruptcy attorney may be able to  provide to a consumers debt relief help. Consumers who are concerned with automobile or other motor vehicle related debt can look at bankruptcy alternatives.  Understanding the potential for debt resolution under the law can be difficult to understand so it is helpful to get legal assistance from a Minnesota lawyer who is familiar with different approaches to resolving debt difficulties.  If a person believes that declaring bankruptcy is a solution then they need to understand that there are many factor that need to be reviewed in considering bankruptcy.   A consumer needs to understand that just wanting to do a bankruptcy is not enough he or she must be eligible for debt relief under the United States Bankruptcy Laws.   There is a common bankruptcy myth that the new bankruptcy law has destroyed consumers rights, but that is not true.  A qualified debtor can still get debt relief under the new bankruptcy law.  Consumers desiring bankruptcy information should contact a Minnesota law firm to get a meeting with a Minnesota bankruptcy lawyer.   A Twin Cities law firm can set up an in person consultation for the consumer with a Minneapolis bankruptcy attorney or a St. Paul bankruptcy attorney.  At the meeting with the bankruptcy lawyer the consumer can go over his or her financial situation, do a bankruptcy evaluation and get answers to common bankruptcy questions. A multitude of financial pressures can be discussed with the Minnesota bankruptcy lawyer including delinquent car loans, contract disputes, lease claims, and damage claims related to the use or ownership of an automobile. The bankruptcy lawyer will discuss with you relevant financial pressures, conduct a means test and go over the different types of bankruptcy proceedings.  Consumers can discuss each of the financial difficulties that they face including credit card problems, mortgage payment difficulties and unpaid medical bills.  Any creditor collection activity can also be discussed including repossession, foreclosure, garnishment or harassing telephone calls.  Consumers who face problems paying motor vehicle loans also often have concerns with losing their home because of non-payment on debt.  In talking with a twin cities bankruptcy attorney it is a sound idea for the consumer to fully disclose all debts and money pressures so that there can be an accurate appraisal of the situation.  There can be a discussion with the lawyer of  Chapter 7 considerations and Chapter 13 considerations.   A bankruptcy evaluation which includes conducting the means test should give a consumer an understanding whether he or she qualified for bankruptcy.  At that time, the Minnesota bankruptcy lawyer can explain whether a consumer is qualified for debt relief through bankruptcy.  If so then the consumer can explore the potential for debt relief under Chapter 7 and Chapter 13 bankruptcy.   Consumers facing other legal problems as well such as family law matters, employment, attacks on occupational license, business set backs, civil litigation, DWI or criminal charges should make sure to get an appointment with a lawyer who also understands these other legal services as well.  Getting debtor information can be very helpful to a consumer in trying to address financial difficulties.

This blog is not intended to give legal advice and does not do so.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

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