Any time an individual falls behind on their agreed-upon loan payments, whether a mortgage loan, a car loan, a loan for furniture, electronics or appliances, or any other type of secured loan, they are facing the very real risk of having those items repossessed. Repossession is the legal action undertaken by a company to take back the property you financed from them, should you default on your loan. While most creditors will not opt for repossession as their first choice after you have defaulted, that is not necessarily true of car lenders. Your lessor may have the right to repossess your vehicle, or sell your loan to an assignee, without even having to get prior court approval. In these cases, you could find yourself facing legal action, in addition to financial troubles and the loss of your sole means of transportation. If you use your vehicle to get to work, transport your kids to school, run errands, and all other important personal actions, this could put you in a very serious and difficult situation.
For more than 33 years our firm has been helping clients face all types of financial difficulties. We have an in-depth understanding on debt negotiation and are dedicated to helping our clients resolve their financial issues through whatever legal means best suit their needs. If you or a loved one has received a notice from a creditor informing you that your car, or other financed possession, is subject to repossession, we strongly advise you consult with a bankruptcy attorney from our firm as soon as possible. When you do, we could take action to intervene on your behalf to stop the repossession efforts from moving forward. It is not uncommon in fact, when creditors find out you have hired an attorney, that they are suddenly more willing to renegotiate the terms of your agreement, or at least show more leniency. While we cannot guarantee the outcome of any particular case, our firm is has a great record of success in all debt related matters.
Before your car is repossesed, contact a Detroit bankruptcy lawyer at the Law Offices of Marshall D. Schultz to assist you.