Everything You Should Know About Repossession
For anybody who is facing it, repossession can be a confusing, disheartening, and humiliating process. By contacting the dedicated attorneys at Benner & Weinkauf, we can work to put a stop to this process and give you back what is rightfully yours. Whether it’s a piece of land, a vehicle, your home, or your valuable property, creditors will stop at nothing to recoup what they’re owed. The good news is that there are measures in place to return your property to its rightful owner. Under Chapter 13 bankruptcy filings, for example, the finance company is required to return your vehicle to your possession. Hope is never lost. Together, we can work to keep your properties right where they should be, acting instead to create the right plan that fits your unique set of circumstances. No more harassing phone calls, no more threats of repossession, no more embarrassment. The repo man can find another person to bother.
What Causes A Repossession?
Unfortunately, this situation can happen all-too-often. As soon as an account turns delinquent, the lender can undergo immediate action to take back the property tied to the loan. In most cases, they don’t even have to warn you first. What follows next could surprise you. Take for example, if you’re running behind on your car payments. Legally, the creditor can assign someone to go on your property and repossess the vehicle in question without so much as a courtesy knock. This is allowed so long as the act does not happen under threats of violence or harm. If the car isn’t worth the amount, the lender will act to declare a deficiency in the payments and continue to seek out the original amount that was owed.
This Is Typically A Last Resort
The important thing to keep in mind is that, typically, lenders don’t want to do this. When they repossess a car, it usually only gets them around one-third of the loan value. They don’t want the hassle, and neither do you. That’s why it’s important to reach out to a trusted legal professional who can reach a settlement with the party before it escalates any further. Under certain types of filings, they’re even obligated to give you back your possessions, going to show you that it’s never too late to turn it around.
Finding Out The Best Course Of Action
Chances are, you need your car to get around to the most important places in your life. Whether it’s school, work, or on a date with that special someone, you shouldn’t have to be without the transportation that you worked so hard to attain. As for your home or land, there’s nothing more important than having a place to lay your head at night and call your own. By knowing and weighing your options, you can decide what proceedings work best for you. With our nearly two decades of experience in the field, we have the know-how and tact to not only keep your head above water but to allow you to flourish once again. To find out more about how we can help you fight against repossession, call us today. We’ll be standing by to give you the full dedication of our team of attorneys.
Chances are, you depend on your car to get you from point A to point B every single day. If you are behind on payments, there is no need to fear the repo man. Benner & Weinkauf P.C. will stop him from paying you a visit or will help you reclaim your automobile if it has already been taken. Under Chapter 13, the finance company is required to return the vehicle. We can even put a plan together to lower your car payments in general.