Many Americans have fallen on hard times. For many, Income has dropped, unemployment has left them without wages, and health and other personal issues have left them facing seemingly insurmountable financial challenges. With little or no money, these individuals may have creditors harassing them over missed payments, and depression and hopelessness may settle over them. For some individuals, this may lead to drastic measures.
In one town, a repossession team was fired at while trying to take possession of a car. According to police, three men exited a nearby house after the shot was fired. Two of the men were arrested and police are searching for the third. While this is an extreme case, it helps illustrate just how important a car can be to some individuals, and the dire situation they may feel they are in.
Fortunately, individuals facing financial difficulties do not have to resort to such extreme measures. When missed payments on an auto loan lead to the threat of repossession, the car owner has options. One option, and perhaps the best, is to file for bankruptcy. Once bankruptcy is filed, a temporary stay may be put in place to prevent repossession of the vehicle. Though the car is likely to be taken in the future, it buys the owner time to figure out another plan instead of having the car unexpectedly stripped from him. Also, filing a bankruptcy petition may lead to the elimination of other debt which, in turn, may lead to a fresh financial start.
Bankruptcy is a complicated process. An experienced Alabama bankruptcy attorney can talk with an individual about his options and can explain the bankruptcy process in simple, understandable terms. Then, the individual will be in a position to decide what is best for him and can focus on reaching a new start.
Source: Monrovia Patch, "Shot Fired at Car Repo Team in Unincorporated Monrovia, Two Arrests Made," Nathan McIntire, Jul. 31, 2013