CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

What Should I Know about Repossession?

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.

Tampa Bankruptcy Law Blog

Tips for Protecting Your Home in Chapter 13 Bankruptcy

Tips for Protecting Your Home in Chapter 13 Bankruptcy

Protecting a Home in Chapter 13 Bankruptcy Protecting a home is one of the primary reasons people file for Chapter...
Read More
Is It OK to Schedule a Yard Sale before Filing for Bankruptcy: How Selling Your Stuff Can Get You into Trouble

Is It OK to Schedule a Yard Sale before Filing for Bankruptcy: How Selling Your Stuff Can Get You into Trouble

Transferring or selling assets before bankruptcy There are plenty of ways someone dealing with financial problems can make money and...
Read More

Why Might Chapter 13 Be Unsuccessful?

Chapter 13 Bankruptcy Failures Filing for bankruptcy can be one of the smartest decisions you ever make and bring massive...
Read More

What to Do If You Skip a Creditor When Filing for Bankruptcy

Bankruptcy Schedule Mistakes Mistakes are made all the time in life, but when you make a mistake in bankruptcy it...
Read More
How Much Time Will Your Bankruptcy Take?

How Much Time Will Your Bankruptcy Take?

Does Bankruptcy Take a Long Time? If you’re facing financial challenges and ongoing harassment by creditors, the last thing you...
Read More

How to Stop a Debt Collector from Wreaking Havoc on Your Life

Creditor Harassment, Debt Collectors There’s no denying it: debt collectors can create a significant disturbance in your life. They’re annoying,...
Read More
What Happens After Bankruptcy Discharge?

What Happens After Bankruptcy Discharge?

Bankruptcy Discharge One of the most exciting things that will happen to you when you file for bankruptcy is receiving...
Read More
What Should You Disclose in Your Bankruptcy Filing?

What Should You Disclose in Your Bankruptcy Filing?

Bankruptcy Disclosure Laws If you’re about to file for bankruptcy or you’ve begun the process of filing, you already know...
Read More
What You Should Do If a Creditor Sues You

What You Should Do If a Creditor Sues You

What to do if a creditor sues Receiving notice you’re being sued by a creditor can be one of the...
Read More
What’s the Scariest Thing about Bankruptcy?

What’s the Scariest Thing about Bankruptcy?

Managing Fear In Bankruptcy Filing for bankruptcy can be scary, but not nearly as scary as dealing with overwhelming debt...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


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

Pay OnlineBankruptcy Courses

comodoavvo1avvo2avvo3LEA

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


Tampa Bankruptcy Lawyers Map

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





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.