Keeping Your Possessions And Paychecks

If you have fallen behind in your daily bills and car payments, you may be at risk of wage garnishment and repossession. Garnishing of wages can make it impossible to keep up with the daily costs of living, and repossession of your vehicle may interfere with your ability to earn a living and support your family. Filing for bankruptcy will prevent wage garnishment and repossession of your assets, including your vehicle.

I am William E. Maddox, Attorney at Law. As one of the only state-certified bankruptcy specialists in Knoxville, I help clients throughout Tennessee avoid wage garnishment and repossession, manage their debt and move forward with their lives. For more than 20 years, I have assisted my clients in their efforts to manage their debts and retain their most valued assets. I stand ready to help you, too.

How To Stop Wage Garnishment

As soon as your bankruptcy papers are filed, an automatic stay arises. What this means is that all collection activities must cease. Not only are creditors prohibited from contacting you, but wage garnishment and repossession are prevented.

Many people contact me after their wages have been garnished and their vehicles repossessed. In these cases, filing for bankruptcy will stop any existing wage garnishment, refund recent garnishments and protect future wages from garnishment. If a vehicle or other asset has been repossessed, filing for bankruptcy may allow you to get your seized vehicle back from your creditors.

Filing for Chapter 7 bankruptcy allows you to get back any repossessed assets as long as papers are filed before the car or other asset is sold by the creditor. Under Chapter 13 bankruptcy, you may be able to get your repossessed vehicle back if the repossession was recent.

Preventing Car Repossessions And Eliminating Debt

If, like most people, you obtained a loan to purchase your car, the lender can repossess your vehicle in the event you fall behind in payments. Lenders are not required to obtain a court order before repossessing a vehicle and little to no advance notice is required.

Unfortunately, your debt doesn't disappear with your car. Lenders will often sell vehicles at public or private auctions and apply the proceeds to your debt. If your car sells for less than what you owe, you are responsible for the difference. Still, the sum can be negotiated down and, in some cases, discharged.

If you are facing foreclosure, filing for bankruptcy may prevent foreclosure and allow you to keep your home, or enable you to walk away from your home debt-free.

Getting Started For Free

To speak with a lawyer, contact my offices at 865-314-8062 or toll free at 800-440-6505. You can also reach me online. I have the knowledge and experience to help.

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