Know Your Rights Regarding Repossessions
Because of reasons outside of their control, millions of Americans in today’s economy have found themselves in situations that are completely unmanageable, financially speaking. Many people suffer unexpected illnesses or injuries, pay cuts or even job losses. When a residual income stream dries up, debts that were once completely manageable become overwhelming and untenable.
When this happens, the prospect of repossession becomes very real. Along with wage garnishments and collection lawsuits, repossession is a tool that debt collectors use to get whatever they can from whomever they are owed. When the repossessed item is a car that people rely on to get to a job or to look for work, the situation can become all the more dire.
Thankfully, bankruptcy offers a way out. By putting the automatic stay into effect, creditors have to stop all collection efforts. Additionally, repossession companies cannot sell a vehicle. It is critical to file bankruptcy within 10 days of repossession, however, because after that window closes a vehicle can be sold.
Because of the time sensitivity of these cases, it is incredibly important to get in touch with the right legal team as soon as possible.
Our lawyers at Pond Law Firm are prepared to use nearly two decades of bankruptcy experience to help you if you are facing repossession of:
- Recreational vehicles
In the event that you owe money on the vehicle and wish to keep it, we can investigate surrender, “pay and retain,” reaffirmation and redemption options depending on the filing we pursue.
Jackson-based Pond Law Firm is a federally designated debt relief agency. Our lawyer helps people file for bankruptcy relief under the Bankruptcy Code.