When money gets tight, you may find you are unable to pay all your bills each month. For some, you may be able to skip a payment or send a smaller amount without immediate consequences. You may pay late fees or other charges, and the delinquency may show up on your credit rating. However, these do not have the life-changing effect of a missed car payment.
The problem with missing a car payment is that you could lose your vehicle. Many car loan contracts stipulate that even one late payment can begin the repossession process. Not many people can function without a vehicle, so if you need yours to get to your Michigan job and other obligations, you may want to explore your alternatives.
Your first option is to communicate with your lender. Many times, lenders are willing to work with a borrower who has fallen on hard times. Your lender may allow you to defer payments by adding them to the end of your loan. This option is a temporary fix. The interest and other fees continue to accumulate, and it doesn’t solve the problem if the car payment is just too much for you.
On the other hand, you may be able to refinance the loan for a lower monthly rate. You must have good credit, and you will likely have to shop around for a lender who will work with you. You may also consider any of these options:
You also have the option of filing for bankruptcy. Taking this step places an automatic stay on any repossession actions your lender has taken, which means you may be able to keep the vehicle. You may also find that it provides relief from the debt that is creating such stress and turmoil in your life.
We offer a free initial consultation so you will get an opportunity to meet us, and we will have an opportunity to learn more about your legal issue.
Mr. Manzella represents businessman William Weber, who admitted to falsifying an invoice at ex-Macomb prosecutor Eric Smith’s request. He pleaded guilty to misdemeanor charges of conspiracy to commit a legal act in an illegal manner, with felony offenses dismissed during the sentencing.
L’Tonya Marie Payne, a 51-year-old black woman, is facing misdemeanor assault charges following an altercation. The complaining witness, who is white, stated the police would not believe Ms. Payne due to her skin color. Attorney Vince Manzella is working alongside Ms. Payne to fight these allegations, as she was arrested simply on the basis of the witness’s word.
Joseph Wolf, former director of the Detroit Stars, was sentenced to two years of supervised probation. Wolf pleaded guilty to embezzling funds from the nonprofit youth baseball league. Typically, the felony count can result in up to 10 years in prison, a fine of $15,000, and other charges, but Lucido & Manzella, P.C. was able to help the client receive a reduced sentence.
Charles Frontera, a former Roseville city councilman, was sentenced to a year of probation after a misdemeanor charge was dismissed at sentencing. During a pretrial conference, Mr. Frontera pleaded guilty to substance possession, and in doing so, Attorney Manzella was able to protect the client from severe charges.