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Repossession refers to a lender's right to reclaim secured property when the loan on such property has not been paid according to the agreed terms. The term repossession usually applies to automobiles and other valuables, while the term “foreclosure” is used for the repossession of real estate. If you are currently in a situation in which your lender is trying to repossess your property, call our Richmond repossession attorney now to discuss your case.
The Lender May Have the Right to Seize Your Car
When you purchased your vehicle you signed paperwork giving the lender the right to take back your car if the payment obligation to which you agreed was not met. The most common form of automobile repossession occurs when a lender sends a tow truck to recover the vehicle.
- There are several ways to stop lenders from repossessing your vehicle:
- Pay the arrears plus any applicable fees - If you are able to pay all late payments, as well as any associated fees, the lender may decide not to repossess your vehicle. However, in some cases the lender may attempt to repossess anyway.
- Speak with the lender - Most lenders do not want to go through the hassle of repossessing your car if they do not have to. As such, if you speak with your lender you may be able to work out a repayment plan that you can afford.
- Chapter 13 Bankruptcy - By filing Chapter 13 bankruptcy you may be able to stop the repossession process and keep your vehicle or to reclaim the car if it was repossessed. There is a small window of opportunity - 10 days - to get the car back before it can be sold, so an immediate call to your attorney is important.
What Happens When the Bank Repossesses My Vehicle?
After a bank takes your vehicle it may give you the ability to redeem the car by paying the amount you are in arrears and the repossession fees. Usually those who are the subject of repossession are unable to afford this amount, and they wind up losing their vehicles permanently. This does not have to happen. A Chapter 13 bankruptcy filing can save your car or truck, but you must act promptly.
Contact Our Attorney Today
Here at the offices of Bruce W. White, P.C., our Richmond repossession attorney has experience in helping our clients avoid losing their automobiles and valuables. It is important that you contact our lawyer before your car is repossessed.
Contact us today to take advantage of a free consultation with our skilled staff at Bruce W. White, P.C.