Released on = January 3, 2006, 6:03 am

Press Release Author = David M. Siegel & Associates

Industry = Internet & Online

Press Release Summary = Just because your vehicle is repossessed doesn\'t mean that
it is gone. It can be recovered anytime prior to an auction or sale. It can even
be paid for over an extended period of time through a Chapter 13 reorganization.

Press Release Body = For Immediate Release:


David M. Siegel
davidmsiegel@hotmail.com
http://www.bankruptcylawyerschicago.com



Suffering through a repossession does not necessarily mean that the vehicle is lost.
In fact, a repossessed vehicle is recoverable by its owner as long as the vehicle
has not been auctioned off or sold by the finance company. There are however a few
requirements that must be met in order to convince the auto finance company to
cooperate with the return of the vehicle.

1. The vehicle must be fully insured. The finance company will not let the vehicle
leave the facility without proof of full coverage auto insurance. They simply
cannot afford the risk that the vehicle will become damaged beyond repair or
totaled.

2. The vehicle owner must typically provide guaranteed funds to bring the account
current. This will also include the costs that the finance company incurred to
repossess and store the vehicle.

But what if someone cannot make a lump sum payment to become current as well as pay
the repossession and storage costs? They may consider Chapter 13 bankruptcy to
reorganize the vehicle debt.

Remember, until the vehicle is sold or auctioned, the owner still has the ability to
make a full payment or make payment arrangements. The payment arrangement can be
Chapter 13 bankruptcy.

In a Chapter 13 bankruptcy, the vehicle may be paid over the course of thirty-six
(36) to sixty (60) months. The vehicle must be insured and the owner may be
required to pay the repossession and storage charges up front. The outstanding
balance, however, may be paid over the three to five year reorganization term.
David Siegel, Chicago bankruptcy attorney and American Bankruptcy Institute member,
states that \"Chapter 13 has saved many vehicle owners from having to look for
another vehicle.\" \"Most people are in love with their cars, states Siegel, and they
will do just about anything to try and save them.\"

For More Information:

David M. Siegel
davidmsiegel@hotmail.com
http://www.bankruptcylawyerschicago.com

Web Site = http://www.bankruptcylawyerschicago.com

Contact Details = Mr. David Siegel