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What is a Repossession? Should you fail to pay a secured creditor, a repossession is a legal process that allows that creditor to take back or repossess the property (collateral) that secures the debt. Examples of secured debt include car loans, home mortgages and any other personal property bought with a loan as well as loans you obtained and secured with property you already owned. What This Means to You If you cannot get current on your secured loan, the creditor has the right to repossess (take) the collateral securing the loan (i.e., car, home, or other personal property). How We Can Help You We can file a bankruptcy to stop the creditor from immediately repossessing your property. Filing a bankruptcy will require the creditor to work through the bankruptcy court in order to repossess your property. Exceptions and Problem Areas If your property has been repossessed, but has not been sold yet, then your collateral can usually be recovered by filing a bankruptcy. This will require proof of insurance and payment of the repossession fees and storage fees incurred by the creditor. |
