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Cleveland Repossession Attorneys

If you are being threatened with repossession of your vehicle, you may be facing a number of other financial problems as well. When you are in this situation, you may be feeling stressed, frustrated, and worried about the future.

At Knevel Law Co. LPA, our skilled repo attorneys in Cleveland have the experience to help you get through this difficult time. Our team can help you get a handle on your finances and guide you toward a brighter future. When you work with us, you can rest assured that you are working with one of the most experienced bankruptcy firms in Ohio.

To learn more about how to avoid repossession, contact us online or call (216) 450-6689. We offer free initial consultations

What Is Repossession?

Repossession is a legal process through which a lender or creditor takes back possession of property or assets that were used as collateral for a loan or debt. This typically occurs when the borrower fails to make the required payments according to the terms of the loan agreement.

Common examples of repossession include:

  • Vehicle Repossession: If you've taken out an auto loan and have fallen behind on payments, the lender may repossess your vehicle.

  • Home Foreclosure: Failure to make mortgage payments can lead to foreclosure, where the lender takes possession of the property.

  • Property Seizure: In some cases, lenders may seize other types of collateral, such as electronics, furniture, or equipment.

If you are behind on payments, your creditor or lender may send you a written notice that they intend to repossess your property. This notice will provide you with a deadline by which you must bring your account current or risk losing your property. If you fail to bring your account current by the deadline, your creditor or lender may take legal action to repossess your property. It is then typically sold to cover the outstanding debt.

How does filing for bankruptcy impact the repossession of assets such as vehicles, homes, or other valuable property?

Filing for bankruptcy can have a significant impact on the repossession of assets such as vehicles, homes, or other valuable property. When an individual files for bankruptcy, an automatic stay is typically enacted, which legally halts most collection activities, including repossession, by creditors. This means that creditors are prohibited from repossessing assets or taking other collection actions while the bankruptcy case is ongoing.

The type of bankruptcy filed (Chapter 7 or Chapter 13) and the specific circumstances surrounding the assets in question will determine how the repossession is affected. In some cases, individuals may be able to retain possession of certain assets through exemptions provided by bankruptcy law. For example, under Chapter 7 bankruptcy, non-exempt assets may be sold to repay creditors, while under Chapter 13 bankruptcy, individuals can create a repayment plan to catch up on missed payments and keep their assets.

Seeking legal advice from a bankruptcy attorney is crucial to understand how filing for bankruptcy may impact the repossession of specific assets.

Facing repossession? Speak with a knowledgeable repossession lawyer in Cleveland at Knevel Law Co. LPA. Your initial consultation is free of charge. Dial (216) 450-6689 today.