Legal Question in Credit and Debt Law in Wisconsin

Paying a loan which is in default does not always get an auto repossession case dismissed. The lender usually sends a "cure letter" before starting the repo which gives you a deadline to reinstate the loan, but payments after that date do not automatically reinstate. If you missed the deadline, the bank therefore might still elect to take the car back. If you are unable to work this out with them on your own, you need to hire an attorney. In many WI auto loans, auto repossessions can now be done out of court, if authorized by the documents which you signed when you bought the vehicle. If do not move quickly, you might therefore find your vehicle to have disappeared some morning. Any sort of bankruptcy filing would temporarily freeze the repo process, so that might be a good option for you in order to bring the bank back to the negotiating table. They are often happy to have you sign a reaffirmation in a chapter 7 case and keep the vehicle. Chapter 13's can also get a vehicle which has already been taken returned to you, so long as you can keep it insured and make you plan payments on time. Ch 13 can also reduce interest rates and principal on older auto loans.

Do not assume that I am your attorney due to this answer, but feel free to call my office in Racine (262-633-3090 or email [email protected]) for clarifications or further questions. Otherwise, I would not be taking any further action on your case. See me on the web at www.jayknixonlaw.com. View my past answers at http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency , or http://www.lawguru.com/answers/search/attorney/jknixon,