Car repossessions can cause a great deal of worry and unneeded stress. Creditors are legally permitted to repossess a car after you have defaulted on your car loan. The definition of defaulting may vary, but it will be detailed in the contract you signed to buy the car in the first place. Although you may be able to avoid repossession by contacting your creditor when you realize you won’t be able to make a payment, your creditor is not obligated to work with you or make concessions.
Have you or someone you love missed several car payments and now living in fear of car repossession? Our bankruptcy lawyers can help you learn more about your options. Contact a bankruptcy law attorney in your area today to get started.
Ways to avoid repossession:
In most states, once you default, your creditor has the right to repossess your car without notice. They may remove the car from your property or from your place of employment while you are at work. The stress of not knowing if your car could be repossessed at any moment is likely to be very stressful. Some creditors may use electronic disabling devices that prevent your car from being able to start if you do not pay your bill on time.
Creditors are not, by law, allowed to commit a “breach of the peace” while repossessing your vehicle. This means those individuals put in charge of getting your car may not be able to allow breaking into your garage or home, do damaging to your property, or threatening you while repossessing the vehicle. If any of these things happen, you may be able to sue the creditor for damages. Additionally, this may help your case if your creditor takes you to court for a deficiency judgment.
If you or someone you care about is living in fear of car repossession, our bankruptcy law attorneys can help. Contact a bankruptcy lawyer in your area to learn how.
Did you know?
There are millions of vehicles repossessed each year in the US.
You can avoid repossession with the help of a knowledgeable lawyer.