Cleveland Repossession Attorneys
If you are being threatened with repossession of your vehicle, you may
be facing a number of other financial problems as well. When you are in
this situation, you may be feeling stressed, frustrated, and worried about
the future.
At Knevel Law Co. LPA, our skilled repo attorneys in Cleveland have the
experience to help you get through this difficult time.
Our team can help you get a handle on your finances and guide you toward a brighter
future. When you work with us, you can rest assured that you are working
with one of the most experienced
bankruptcy firms in Ohio.
To learn more about how to avoid repossession, contact us
online or call
(216) 450-6689. We offer free initial consultations
What Is Repossession?
Repossession is a legal process through which a lender or creditor takes
back possession of property or assets that were used as collateral for
a loan or debt. This typically occurs when the borrower fails to make
the required payments according to the terms of the loan agreement.
Common examples of repossession include:
-
Vehicle Repossession: If you've taken out an auto loan and have fallen behind on payments,
the lender may repossess your vehicle.
-
Home Foreclosure: Failure to make mortgage payments can lead to foreclosure, where the lender
takes possession of the property.
-
Property Seizure: In some cases, lenders may seize other types of collateral, such as electronics,
furniture, or equipment.
If you are behind on payments, your creditor or lender may send you a written
notice that they intend to repossess your property. This notice will provide
you with a deadline by which you must bring your account current or risk
losing your property. If you fail to bring your account current by the
deadline, your creditor or lender may take legal action to repossess your
property. It is then typically sold to cover the outstanding debt.
How does filing for bankruptcy impact the repossession of assets such as
vehicles, homes, or other valuable property?
Filing for bankruptcy can have a significant impact on the repossession
of assets such as vehicles, homes, or other valuable property. When an
individual files for bankruptcy, an automatic stay is typically enacted,
which legally halts most collection activities, including repossession,
by creditors. This means that creditors are prohibited from repossessing
assets or taking other collection actions while the bankruptcy case is ongoing.
The type of bankruptcy filed (Chapter 7 or Chapter 13) and the specific
circumstances surrounding the assets in question will determine how the
repossession is affected. In some cases, individuals may be able to retain
possession of certain assets through exemptions provided by bankruptcy
law. For example, under Chapter 7 bankruptcy, non-exempt assets may be
sold to repay creditors, while under Chapter 13 bankruptcy, individuals
can create a repayment plan to catch up on missed payments and keep their assets.
Seeking legal advice from a bankruptcy attorney is crucial to understand
how filing for bankruptcy may impact the repossession of specific assets.
Facing repossession? Speak with a knowledgeable repossession lawyer in
Cleveland at Knevel Law Co. LPA. Your initial consultation is free of
charge. Dial (216) 450-6689 today.
