Attorney at Debt Advisors Law Offices

Practice Areas: Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Stop Foreclosure

 

According to the U.S. Department of Transportation Aug. 2021, “on average, there are 1.88 vehicles per U.S. household.” Most of us depend on wheels for commuting, transporting precious cargo, and for delivering basic living supplies to and from our homes. Unless you can get around on foot or bicycle, owning a vehicle has become an American necessity. When you get really behind on payments, Debt Advisors can help you decide if bankruptcy is right for your situation.

What is Average Vehicle Purchase Cost?

According to AAA, “the average price of a new vehicle in 2021 is $32,903, which is $1,502 or 4.78% higher than last year.” Trucks, SUV’s, and electric vehicles continue to be favorites. The average prices for automakers’is increasing due to current demands and shortages. Is your nice ride eating a big chunk of your paycheck?

Vehicles And Gasoline

In 2021, vehicles and gasoline have become more costly than ever. Can people really afford the long-term and full cost of a vehicle? According to Auto Trader 2020, “the most common loan terms are 24, 36, 48, 60, 72, and 84 months.” Sometimes extended loan times make the purchase appear more affordable.  (Ex: Financing for more than five years will typically allow payments under $500.) This may seem affordable, but these long-term payoffs never get the buyer to the point whereby the car is worth more than what is owed.

What happens to my vehicle if I file bankruptcy?

If you find yourself in financial trouble, contact an affordable bankruptcy attorney right away. They can stop repossession of your car through an automatic stay.  You don’t have to surrender your vehicle. Your local bankruptcy attorney has the experience negotiating with auto lenders.  A good bankruptcy lawyer can also discuss the possibility of reaffirming your current car loan which may reduce car payments and allow you to both afford, and keep your vehicles.

How Do I Get Out Of Auto Debt?

Chapter 7 bankruptcy is often referred to as a short period “liquidation” process allowing a person to discharge debts.  (The process typically takes about five months.)  Once that period is over, you will come out of Chapter 7 debt-free.  Chapter 13 also provides options to reduce your auto loan.  Allow Debt Advisors to guide you through the bankruptcy process, and help you avoid common mistakes.  Schedule a free initial consultation to find out if you may qualify for Chapter 7 or Chapter 13 bankruptcy.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson