Stopping Repossession

Paducah Lawyer Helping You Stop Repossession

The loss of your personal property through repossession can be traumatic and have a serious impact on your life. Whether you are facing repossession of your car, truck or mobile home, a lawyer can help you put a stop to the repossession and develop a strategy so you can keep your property.

At the law firm of Marcus H. Herbert & Associates in Paducah, Kentucky, we are experienced at dealing with repossession issues and can help you prevent repossession through bankruptcy.

How Repossession Works

When you take out a loan for a car, other vehicle or mobile home, you signed a contract. As a part of that contract, the lender may have included a clause for repossession. The contract governing the terms of your agreement may be unique. Typically, however, a lender has a right to repossess if you miss a payment, regardless of how much you have paid in the past.

Once your property is taken, the lender can auction it off to pay off your debt. Any remaining amount owed is known as a deficiency. Under the contract, you will still owe the lender that deficiency amount before you are totally free of the debt. Any proceeds of selling the collateral over what is owed would be returned to you after the lender deducts costs for the auction.

Stopping Repossession Through Bankruptcy

The best way to stop repossession is to prevent it from occurring by filing for bankruptcy. When you file for bankruptcy, an automatic stay goes into effect. This stay puts a stop to all collection efforts, including repossession.

If your vehicle or other property has already been repossessed, it may be possible to negotiate with the lender to get your property back, so long as you act quickly. Additionally, through Chapter 7 bankruptcy you will be able to discharge any deficiency on the amount you owe.

At our firm, we can clearly explain your rights before or after a repossession. We can answer your questions and provide you with skilled representation throughout your bankruptcy.

Learn About Keeping Your Car Through Bankruptcy

To learn more about repossession and your rights from an attorney, e-mail us or call us toll free at 866.702.8933. In a free initial consultation, we will review your situation and help you develop a strategy to fight repossession.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.