Auto Loans

When financial woes seem to be mounting you need to consult with seasoned professional for how best to protect your income and assets from aggressive creditors and bill collectors. Ignoring financial issues has a tendency to make them worse, not better. You need to be proactive to have the best result. When things like medical bills and credit cards seem overwhelming, you must consider protecting your auto loans from default.

Automotive Loans in an Ohio or Kentucky Bankruptcy

These are complicated decisions with corresponding benefits and burdens for each choice you must make before and during your Bankruptcy case. Make certain to call to speak to one of the Steiden Law Offices lawyers so you can understand how best to position yourself for the best possible Bankruptcy result. Call Steiden Law Offices and find out how to take the first steps towards your Fresh Start.


The Classic Auto Loan

When you go to buy a family car, no matter what make or model, you sign dozens of documents. There are two core documents that are essential and they are the Promissory Note and the Security Instrument. The Promissory Note contains your personal promise to pay the amounts due for the purchase or the amount financed.  The second document, the Security Instrument gives the lender the legal right to recover possession and legal title to the vehicle in the event of specific defaults including a default in payment.


Surrender or Retain the Vehicle

The decision to surrender or retain is best made with your Steiden Law Offices lawyer during the consultation or perhaps after further discussion or research. There are many issues and considerations in making a decision of this type. Do you have equity in the vehicle? Will you be able to replace the vehicle after the bankruptcy? Is the vehicle reliable enough to get you through a few more years? These are critical questions to ask of your attorney.


Auto Loan Discharge

Even if you had planned on retaining the vehicle, the Bankruptcy Discharge will wipe out the Promissory Note aspect of the loan. You have no obligation to pay but the lender can still enforce their security Interest and with the Court’s permission, repossess the car, usually at the conclusion of the Bankruptcy case. Your lawyer can counsel you and negotiate with the lender to retain the vehicle, and in some cases, restructure missing or delinquent payments. This is different in each case but during your confidential consultation, you can get some advice and direction from your counselor.

If the vehicle is ‘under water’, meaning it is worth less than the debt you owe the lender, you are in a negative equity situation. It is generally not prudent to reaffirm a debt when you owe the lender considerable more than the real market value of the vehicle. Your attorney can properly counsel you on some options which may be available to you during your consultation, including the filing of a Chapter 13 case.


Finding a Cincinnati Attorney to Help Resolve Your Auto Loan Issues

If you are experiencing financial problems you should call Steiden Law Offices at and schedule your free, confidential consultation. The information you acquire will assist you in making the most informed decision. Your attorney has handled thousands of these cases and has counseled many clients on this issue. Steiden Law Offices has been helping your friends and neighbors in the Northern Kentucky and Greater Cincinnati areas for almost 19 years. The experience and insight will help you to make the best decision possible.

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Convienient Office Locations
Cincinnati, OH
830 Main St #401 Cincinnati, OH 45202
Cincinnati, OH
260 Northland Blvd #129 Cincinnati, OH 45246
Covington, KY
411 Madison Avenue Covington, KY 41011
Florence, KY
6900 Houston Rd #21 Florence, KY 41042
Maineville, OH
2263 W US 22 and 3 Maineville, OH 45039
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4030 Mt Carmel Tobasco Rd #129 Cincinnati, OH 45255
West Chester, OH
8050 Becket Center Dr #131 West Chester, OH 45069