Was You Car Repossessed?
How Do Creditors Repossess Property?
Creditors have many ways to collect on debts. People are most familiar with debt collectors calling or sending collection letters to try to collect on loans or debts. Even though this is the most common way to collect debt, debt collectors have other ways to get repaid. One common method is to try and get debtors to sign reaffirmation agreements. Another common method is to repossess the property used to secure a debt. This method happens most with items like cars, but also with items like household appliances and TVs. Another Legally, creditors can repossess your property if the property is serving as security interest or collateral on a debt. If the debt is not paid, the creditor may take possession of the property used to secure the loan. There are a few things to keep in mind, however. A creditor cannot just walk up and take possession of your property. The creditor must first head to court and obtain a court order or permission from someone in your home to enter it.
What is “Defaulting on a Car Loan”?
Even if you miss just one payment, you may be in default on your loan, and the creditor is entitled to take the property. Additionally, if you make your payments, but fail to comply with an important term for the security agreement, they may have a right to your property. This may happen for instance, if you have a car but let the insurance lapse. You may also be declared in default if you’re current with payments but the property is sold, destroyed, or stolen. Also if the creditor feels you will not be paying out the rest of the loan or you do not let the creditor examine the property at its request. Most of the time you may have a chance to a “right to cure” the default. All that means is catching up on payments before the property is repossessed. In Missouri, you will have 21 days to take care of it or they will move forward with the repossession.
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When you’re in debt, it’s difficult to focus on anything else. But there are steps that you can take to get out of debt – even if your credit is damaged or your income has been cut off completely! Call our St. Charles bankruptcy attorneys at Westbrook Law Group to find out how to escape the shackles of debt and get relief in Missouri.
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Contact a St. Charles Repossession Lawyer Today
If you don’t have a car you can’t get to work, take your kids to school, or get to the doctor or other important appointments. In our area of Missouri, public transportation is unreliable to non-existent. Your car is your lifeline and most people cannot carry on without it. When your debt begins to snowball and you risk losing your transportation it is time to reach out to an experienced car repossession lawyer near St. Charles and Troy, MO. Call our office and we will help you keep your car, job, and family safe.