Avoiding Van and Truck Repossession in Georgia
Atlanta bankruptcy attorneys protect your business
If you own your own business and provided goods or services, you probably have a dedicated vehicle, a van or truck, for that business. This vehicle probably represents a significant investment you made in establishing or growing your business and is essential to your continued success. If you’re like most business owners, you probably financed the purchase with a vehicle loan. Now, if you’re facing any kind of a financial setback, you may have fallen behind on your payments. And you know that if your truck gets repossessed, that could be the final blow to your business. Given how much you depend on your truck, Atlanta DebtStoppers wants you to know how you can:
- Keep a van or truck that's essential to your business
- Discharge overwhelming debt quickly, or
- Restructure what you owe into manageable monthly payments
Losing your van or truck can immobilize your business
When you took out the loan for your van or truck, you put that vehicle up as collateral, in effect promising to hand it over if you could no longer make payments. Now that distant possibility is a genuine threat, and you need to consider the effect truck repossession would have on your business. Imagine you’re a plumber or carpenter and all your tools are in your van. The repo man comes in the dead of night, tows your van away and you don’t discover it missing until the morning. How much work would you lose? How long would it take to reclaim your tools and secure another means of transportation to get to your jobsites? Would your customers sit still for this? If your business provides goods, what happens when your delivery van is repossessed en route? How much of your inventory will get lost? How much will spoil before you can redeem it? A small business that depends on a van or truck cannot survive repossession! But, without violating the law, what can you do to prevent it?
A bankruptcy plan from DebtStoppers stops van or truck repossession
If you’re working for yourself, you may structure your small business as an LLC and file your business taxes on a Schedule C with your personal income tax. Under this method, your vehicle loan was probably made to you personally, rather than to your company. If that’s the case, you can immediately halt van or truck repossession by filing for personal bankruptcy, under Chapter 7 or Chapter 13. Which chapter is best suited your circumstances depends on your total debt outlook. A qualified attorney from Atlanta DebtStoppers can discuss these issues with you, free of charge!
Call Atlanta DebtStoppers to halt truck repossession to keep your business rolling
An experience bankruptcy attorney in Georgia can give you a free initial consultation and debt evaluation. Call us today at 404.750.4706 or contact our Atlanta office online.