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When you are in financial trouble, you are probably very familiar with the sentiment behind the expression, “When it rains, it pours.” You may have lost your job or had your hours cut back and you may be under overwhelming anxiety brought on by creditors demanding payment and your mortgage lender threatening foreclosure. Moreover, the answer creditors all seem to have that is supposed to help you make that payment is hefty late fees, raised interest rates and negative information supplied to credit reporting agencies.

This may seem counter-intuitive, particularly if you are not paying bills because you simply do not have the money. No amount of threats and penalties can make money magically appear to pay the bills. Your lender for your car may not sit idly by with threats; they can simply repossess your carin an attempt to get back a portion of what you owed on it.

There are some unlikely options to get your car back after it has been repossessed. You may be able to redeem your vehicle by showing up at an auction and paying the remaining balance on it in full. Another potential option is loan reinstatement in which you must negotiate with the lender and within a specified period of time pay off the repossession fees and the past-due balance on the vehicle. Both of these options could tie up a significant amount of money.

By filing for Chapter 7 bankruptcy before the vehicle is sold, you may be able to get the vehicle back. If you file for Chapter 13 bankruptcy, you should be able to negotiate a plan for repayment. These are protections provided by bankruptcy in many cases and can be a source of great relief and provide a little cover in the financial downpour. A Florida bankruptcy attorney may be able to relieve your concerns and get the process going for you.