Repossession of Property
Protecting Your Assets
Repossession of property is a completely legal form of taking back an object
that was rented or leased from a creditor if you are unable to pay back
your bills. The act of taking back the property that has been defaulted
on has been used by creditors for years and the process can be stressful
to handle. At Atlantis Law, the team understands that this time in your
life can be extremely stressful, but with the assistance of their team,
you could potentially retain the property that was taken or protect your
property from repossession. When you work with Atlantis Law, you will
be working with trusted Rancho Cucamonga bankruptcy lawyers who stand
ready to provide quality legal assistance to people in their times of need.
There are a few items of property that can be reposed if you fall behind
on payments. Most commonly, cars, rent-to-own items such as appliances
or electronics, your home and property that has been used as collateral
in a loan can be taken back by the lenders or bank. The items that are
taken generally have a high outstanding balance on them, and the amount
that you have paid does not surpass the amount that is owed. Some property,
however, simply cannot be repossessed. Credit-purchased items, property
named in contracts and property that is not named in a collateral agreement
cannot be taken through repossession.
How can bankruptcy help?
One of the most commonly repossessed items is people's vehicles. After
a car is repossessed, the bank or lender can then sell the car to repay
the balance left on the loan. If your vehicle was repossessed, you could
potentially receive the vehicle back if you quickly contact a bankruptcy
attorney and file a petition for bankruptcy. In a Chapter 7 bankruptcy,
the automatic stay will put an immediate stop to the sale of a vehicle
that has been recently repossessed. It is important that you act quickly
though, the sale of the car can happen rather fast and the sooner you
declare yourself bankrupt and therefore unable to pay the loans on the
car, you may be able to stop or at least delay the sale of the vehicle.
If you are considered filing or you have recently lost an asset in a repossession,
do not hesitate to give Atlantis Law a call and speak with a trusted Rancho
Cucamonga bankruptcy lawyer now! The team offers
free case evaluations to all potential clients, so make sure you schedule yours today.