Anyone with a pulse knows that the economy is just simply crazy. One minute you have a stable job of 20 years and the next thing you know you’re jobless. With layoffs increasing and credit decreasing many ordinary people are finding that they just can’t make the payments on their vehicles, even if it’s as little as $200 a month. Because of this, repossessions in Dallas-Fort Worth are climbing at an alarming rate. Even the car loan companies can’t keep up with the pace. According to an article in The San Antonio News, there are more repossessions now than they have been in the past 20 years.
A repo man quoted in the article says that there are so many repossessions that he is now repossessing vehicles that are as much as four months behind in payments. Just a few years ago, being behind one or two months could get your car repossessed. But those delinquent car owners aren’t giving up their repossessed property quietly, many become violent. That’s a big mistake when facing repossession . Although Texas law gives property owners the right to use force to protect their property, those carrying out repossession are protected from violence. The best action a car owner can take when facing repossession is to file for Chapter 13 bankruptcy as soon as they know that they are unable to make payments. Don’t delay and don’t wait until after your vehicle has been repossessed to file for Chapter 13 bankruptcy , by then it’s probably too late.