Stop Repossession

Nobody likes the idea of their property being taken away from them, especially if this property in question has been of use to them in their daily lives such as homes and cars. These expensive necessities require a sum of money and if the buyer fails to consistently pay for these assets, they could be subject to repossession. 

Repossession is defined as the act of taking back a certain type of property be it automobile or real estate that a buyer has defaulted payment for. Repossession has a judicial process that parties must undergo before items are collected. However, not all is lost when faced with repossession. There are certain legal steps you can take in order to stop repossession. 

Regardless of whether it’s a car or a home that you fail to pay for in time, there is always the ever present risk of repossession by a lender. Luckily, one can consult a Vancouver, WA repossession attorney when faced with a repossession scenario in order to review their options and pick the best one that would benefit them. 

Don’t dive into the confusing world of repossession on your own. Handling and taking matters into your own hands might leave you distraught. Seek legal assistance from a reputable and seasoned bankruptcy law firm that has experience in stopping repossessions to guide you every step of the way. 

Repossession is the process by which lenders take one’s property that has not been paid for consistently. Defaults in payment is a failure to meet the agreements on the contracts. However, do not think of repossession as an abrupt retrieving of your property without your knowledge. There is a process to this circumstance and certain people are sent for by creditors to take the items.

Creditors have the right to repossess items due to them being secured creditors. Secured creditors means that these lenders have ownership interest in the properties.

Repossession starts almost instantly the minute the account descends into delinquency. The creditors contact services to retrieve the property and sell it to pay off the outstanding balance along with costs and attorney fees. Creditors don’t come with a court order to repossess property and the reason being that it is part of the contract between the business and the buyer. 

Creditors, however, cannot use the repo men to break into properties and start retrieving. A breach of peace indicates that they cannot enter the premises to repossess without permission from the property’s legal owner. 

Are you facing repossession? Don’t deal with it on your own. Contact a Vancouver, Washington bankruptcy attorney to help represent you when dealing with this financial situation.

Other items besides cars and real estate can be subjected to repossession if you fail to adhere to the payment terms. Some of them include:

• Jewelry
• Rent-to-own furniture
• Electronics
• Artwork, or any tangible asset that can be sold

When home loan payments default, it is subject for repossession and when homeowners can’t pay their mortgage, the repossession process is known as foreclosure. Credit card bills unpaid are considered unsecured debt. If credit card bills pile up unpaid, the creditor needs to secure a judgment. 

How Do I Avoid Repossession in Vancouver, WA?

Avoiding repossession is actually possible. Not all is gloom and doom once you’ve realized that the repossession process is about to take place. To avoid repossession, you should:

Contact Your Lender

Let your lender know if you are facing certain financial difficulties that will make it challenging to meet the payment deadlines. Communication will help them figure out a repayment plan that works for you. 

Return the Property

Once you’ve received a repossession warning, you can give the property back to your lender who has the option to either refuse or come up with a solution that can benefit both of you. 

File for Bankruptcy to Delay the Process

You can qualify and file for a Chapter 7 bankruptcy in order to delay the process of repossession. Filing for Chapter 7 bankruptcy is also a way to come up with a payment plan. 

Can I Recover from Repossession?

You surely can! Recovery from repossession might be challenging but it is possible. When faced with car repossession, there are some steps you can take to protect your credit from seeing further damage.  These include:

• Question The Repossession– Question why your car was repossessed. If you know you’ve been falling behind on payments, this can seem quite obvious but there’s a lot more to the process than what you just know. Getting a lender to explain this to you will help you make the smartest move next.

• Ask if You Can Get It Back– If you pay the loan in full, some car companies are willing to let you have your car back. You only need to not only pay the loan in full but also the repossession costs before it’s auctioned. 

• Be Aware of your Rights– Know that in a repossession situation, the repo men can repossess the car but not the items inside. Your property must also not be damaged in the process so see to it that they don’t break down your garage door or break anything in your home in the effort of repossessing your items. Should you feel that your rights are violated, contact an attorney. 

• Ask if You Still Owe Money- After the car is sold, ask if you still owe money. Ignoring the details of your vehicle can cause the account to be sent to collections and this can stay on your credit report for seven years.

• Improve and Be Mindful of Your Credit– Repossession stays for seven years on the credit. Take a proactive approach to restoring your credit by paying for bills and debts on time. This can help improve your credit score in the long run. 

Will Debt Settlement or Consolidation Work?

Debt settlement plans are advisable when you are faced with repossession. Debt settlement plans involve you hiring negotiates on your behalf to pay off the balance. Another option is the consolidation loan. Consolidation loans pools all of your debt into a single loan, allowing you to make more manageable and attainable payments monthly. 

If you’re quite unsure of the entire situation, it is best to get in touch with a repossession attorney in Vancouver, WA who can better explain the process and help you make smarter decisions to benefit your financial state. 

Seek Legal Advice from a Repossession Attorney

Are you dealing with repossession? Have you been having a tough time with debt? Are you looking to file for Chapter 7 bankruptcy? If all these concerns sound like you, then it’s high time to get in touch with a Vancouver, WA repossession attorney. Call Robert Russell Law Offices  and schedule an appointment now to rise above debt and get back on track.