Avoiding Repossession

If you fall behind on your loan payments for a car or truck, you may suddenly find yourself being threatened with repossession by your creditor. Even one missed payment could cause a creditor to try to track your car down and repossess it. Typically your creditor will hire a repossession agent, commonly called a “repo man”, who will go to great lengths to recover your car. Fortunately, there are a number of ways to avoid repossession while you get your finances in order.

Repossession agents can legally repossess your car from practically any location, including from your work, off the street, from your driveway, and even from a parking lot while you are out shopping. One of the only places from which a repo man cannot repossess your car is your garage. It is against the law for repossession agents to break into your garage in order to repossess your car. As soon as you learn that your creditor has sent a repossession agent after your car, consider using an alternative mode of transportation until you have contacted a debt negotiation lawyer to help with your case.

A debt negotiation lawyer can help you keep your car by negotiating with your creditor. You may be able to negotiate a lower monthly payment that is more affordable. Your lawyer can help you develop a new repayment plan so that you can still make payments on your vehicle and have the threat of repossession removed.

If your creditor refuses to negotiate, you may still be able to avoid repossession by filing for bankruptcy. When you file for bankruptcy, you are immediately protected by the automatic stay provision under bankruptcy law. This provision protects you from repossession and other attempts by creditors to collect payment while your bankruptcy is pending.

Contact Us

Facing aggressive creditors and repossession agents alone can be daunting. If you are struggling to make payments on your vehicle and have amassed a large amount of debt, let us fight for you. Contact the experienced New Orleans debt negotiation attorneys of Kervin & Young, LLC today at 504-599-5906.