CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Should I Know about Repossession?

Falling behind on payments on a vehicle can be a frightening experience especially if the lender notifies you of intent to repossess. Most of us realize when we purchase a new vehicle that repossession is a possibility, but we skim the portion of the sales contract assuming it will never happen to us.

But what if it does happen to you? What can you do if the unexpected occurs and your financial situation causes you to fall behind on car payments?

Here’s what you need to know:

  • Repossession can occur if you are in default on your vehicle loan. It can also occur in some cases if you fail to insure the vehicle.
  • In many instances, a vehicle can be repossessed without prior notice, as long as you are behind on payments.
  • Lenders are not permitted to use physical force or threaten to do so when repossessing your property. The law states they cannot “breach the peace,” during the repossession, but what this means varies from situation to situation.
  • In most cases, lenders are permitted to trespass onto your property to repossess a vehicle. They might also be able to alter the property to make removal of the vehicle easier.
  • In most cases, a lender will need to notify you of their intent for the property following the repossession. For instance, if the intent is to auction the item, you must be informed of the time, date, and location of the auction. Depending on the circumstances of the sale, you might have the right to contest the sale, which is one of the reasons it is important to consult an attorney.
  • If there were any personal items in your vehicle during its repossession, they should be returned to you.
  • You might still be responsible for the amount of money you owe on a vehicle loan, even if the vehicle is repossessed. Never assume repossession is a “solution” to your financial challenge! The lender will still have the authority to pursue a judgment against you for the remaining balance of the loan.
  • Prior to the sale of the repossessed item, you might have a right to cure – which means you can pay the balance of what you owe in full, in addition to repossession costs, and the vehicle will be returned to you. You might also have the option to buy the vehicle at auction.
  • Filing for bankruptcy triggers an automatic stay, which means the lender will be prevented from selling your vehicle without special permission from the court. At the very least, it stops the immediate action and gives you time to decide how best to handle the situation. For more information on what an automatic stay can accomplish, view this information provided by Cornell University Law School.

Specific repossession laws vary from state to state, which is why it is important to work with an attorney familiar with the laws in your state.

If you are concerned about repossession, your vehicle was recently repossessed, or you are struggling financially and believe bankruptcy could provide a solution, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation or to discuss your case and determine your next best step.

Archive

Tampa Bankruptcy Law Blog

Signs That You May Need to File Bankruptcy [Infographic]

What are the Signs You Might Need to File for Bankruptcy? Not everyone who struggles financially has to file for...
Read More

What You Should Know about Filing for Bankruptcy Multiple Times

Filing for Bankruptcy Multiple Times As hard as it might be for someone who has never considered filing to believe,...
Read More

Wondering How to Remain Eligible for Financial Aid? Here’s What You Should Know about Getting a Loan to Help Your Child Pay for College After Filing for Bankruptcy

How to Remain Eligible for Financial Aid Many parents want to help their children pay for college. But how do...
Read More

What Seniors Need to Know about Bankruptcy

Bankruptcy for Seniors Facing bankruptcy at any age is tough, but bankruptcy for seniors is especially difficult. When you’re relying...
Read More

Should We Expect a Huge Rise in Bankruptcies Due to COVID-19 and Will You Be a Part of It?

COVID-19 News and What's Ahead for the New Year The latest COVID-19 news predicts that there will be a rash...
Read More

Why Does Bankruptcy Take So Long? How a Bankruptcy Law Firm Helps Make the Process as Efficient as Possible

Bankruptcy Law Firm Have you begun the bankruptcy process and you’re wondering why it’s taking so long? You aren’t the...
Read More

When Is It Too Late to Stop Foreclosure? Here’s What You Should Know If You Are Behind On Your Mortgage

When Is It Too Late to Stop Foreclosure? When is it too late to stop foreclosure and is bankruptcy your...
Read More

How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans Student loans are one of the biggest burdens faced by college attendees. Even students who...
Read More

Can Medical Bills Be Included in a Bankruptcy? Here’s What You Need to Know

Can Medical Bills Be Included in a Bankruptcy? Medical problems are stressful enough without facing a significant debt burden after...
Read More

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions