Stopping Property Seizures and Repo
Stop Property Seizure and Repossession
The feeling is unsettling – scary, nerve-wracking. You walk out to get in your car to drive to work, and your car is not there. No, it was not stolen – it was repoed.
When you fall behind on payments on your car, truck, van, boat, etc, creditors can come to your house, repossess your vehicle, and sell it at an auction. There are ways to prevent this from happening.
What Happens When My Vehicle Is Repossessed?
After creditors repossess your vehicle or other property, typically they will then sell it at an auction. If it is sold at the auction for less than what was owed on the promissory note, they can file a lawsuit against you to recover the difference.
Judgment in these situations is usually awarded in favor of the creditor. After that, creditors have the right to collect on that judgment for practically any property owned by the debtor. Filing for bankruptcy can prevent this from happening.
Bankruptcy to Avoid Repo and Property Seizure
Creditors do not necessarily want to repossess your vehicle or equipment and sell it at an auction. Typically, they would rather you hold on to your property so they can extort money from you to pay their judgment.
When you file for bankruptcy, you can stop the seizure and potential sale of your vehicle, avoiding further legal and debt problems. In addition, filing for bankruptcy before your vehicle is seized also discharges the debt owed to the creditor on the vehicle.
Legal Help for Repo and Property Seizure
For additional information on how to stop repossession and property seizure, contact our experienced bankruptcy attorneys in Michigan online or by calling (734) 397-4540.
Do not wait until it is too late. Call today to avoid repossession and protect your assets.