If you are facing a difficult debt issue and are struggling to make payments on your automobile loan, your vehicle may be subject to repossession. By taking out a loan, the creditor still legally has rights to your vehicle. Other financial difficulties can also lead to threats of repossession of vehicles, tools or items bought on credit.
Repossession entails that a creditor will take back your property if you have failed to make regular payments. If you have been threatened with repossession, it is absolutely essential that you seek out the advice and guidance of our Orange County bankruptcy attorney as soon as possible.
Will my assets be repossessed?
Creditors can only repossess certain types of property. In most cases, individuals will take out a loan or open a line of credit solely to cover the cost that specific item.
Usually these items are high-ticket pieces including:
- Stereo equipment
- Various Electronics
Creditors and other institutions will repossess the item in an attempt to recoup the losses associated with your inability to pay for the item. However, you are not freed from the debt, even after repossession.
Under California law, creditors are not required to give notice to repossess property but only to give you a post repossession notice. This notice details the steps you must follow to reinstate your loan or regain the property. Failure to provide this notice can forfeit a creditor's ability to collect any money from you.
Enlist the help of an experienced lawyer!
If your vehicle has been repossessed because of a difficult financial circumstance and you are considering filing for bankruptcy, make sure you have a knowledgeable bankruptcy attorney by your side. At 1 st California Law Inc., our goal is to help clients regain their financial freedom and avoid any further stress associated with debt collection attempts.
You should never feel intimidated by a repossession threat. Our Orange County repossession lawyers have a full understanding of the laws governing this legal action. Let us provide you with solid collections defense to confront your creditors and fight for your property–take action to protect yourself today!
Contact our firm today to find out how you may be able to avoid repossession.
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"Kevin Kunde is an attorney licensed by the State Bar of California. Mr. Kunde graduated from Chapman University School of Law where he was a Senior Editor for the Nexus Law Journal, a Dean's Fellow/teaching assistant for Contracts course and served as a Judicial Extern for the Honorable John Rayburn for the U.S. District Court for the Central District of California"Read Full Bio