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San Fernando Valley Repossession Lawyers

A financial crisis can occur at any time in a person’s life. It can come on suddenly and have a devastating impact on a person and his entire family. You could get laid off from your job or suffer an injury or illness that kept you from working for an extended period of time.

Unfortunately, your creditors don’t take this into account when they come looking for their money. If you’ve fallen on hard times and missed some payments, you could be facing repossession. Before that happens, you’ll want to talk to an experienced San Fernando Valley debt-reduction attorney. The seasoned legal team at Nader & Berneman has been helping people with financial issues for over 20 years. Call (800) 568-0707 today for a free case evaluation.

What Is Repossession?

Repossession is when a creditor takes back something you purchased on credit without suing you first. This is usually done when you’ve fallen behind on your scheduled payments, but it can be done for other reasons. For instance, a creditor can repossess a vehicle you’ve financed if you don’t maintain insurance coverage on it.

What Can Be Repossessed?

Technically, any item or piece of property that you haven’t completely paid for can be repossessed, but it’s doubtful that a creditor is going to bother taking back something of little value. Creditors tend to go after big-ticket items, including:

  • Houses (foreclosure)
  • Motor vehicles (cars, motorcycles, RVs, trucks, etc.)
  • Boats and other watercrafts
  • Major appliances (refrigerators, washers, dryers, etc.)
  • Power tools (table saws, drill presses, lathes, etc.)
  • Electronics (big screen TVs, stereos, home theater systems, etc.)
  • Rent-to-own items (furniture, appliances, etc.)
  • Any property put up as collateral

What Can I Do to Avoid Repossession?

There are several things you can do to avoid repossession of your property, including the following:

  • Make up the payment or payments that you missed. Creditors would generally rather get the money they’re owed than go through the hassle of repossessing something. Maybe you can get money from a family member or other source. When you do make the payment, make sure to include any applicable fines and late fees. This will ensure that you don’t default. It would also be a good idea to call the creditor and inform them that your payment is on the way.
  • Refinance the property. Work with your creditor and see if you can work out an interest rate and payment schedule that will better suit your repayment abilities.
  • Declare bankruptcy. When you file for bankruptcy, an "automatic stay" is issued. This means that all collection activities aimed at you will immediately stop. You’ll get no more phone calls and letters from collection agencies and any repossession efforts will cease. Under Chapter 7 bankruptcy, you are allowed to keep tools for your occupation and a car for transportation. If the loan you’ve defaulted on is for a personal watercraft, a luxury car, or anything that isn’t a reasonable necessity, it will not be protected from repossession.

Whatever option you choose to avoid repossession, it’s a good idea to have the guidance of a skilled attorney. Encino’s Nader & Berneman has been working to relieve people of unbearable debt for over two decades. Call a member of Nader’s team for a free consultation, at (800) 568-0707.

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