what type of attorney for car repo

Yes, it is important to have a bankruptcy lawyer or an illegal repossession lawyer help with vehicle repossession. As discussed above, there may be available steps to prevent repossession. Additionally, if repossession does occur and debt remains, your other assets may be in jeopardy.

Full Answer

Can an attorney help you when your car is repossessed?

May 03, 2021 · A lawyer for car repossession can help you by figuring out what those options are and provide you with expert advice on what choices to make next. First, it’s important to understand what a car repossession is. Car repossession is when a lender, usually a bank, takes back a property that the borrower used to secure a loan.

Will able to purchase a car after a repo?

Mar 27, 2014 · If your car lender repossesses your car, van, motorcycle, SUV, or another motor vehicle, you'll need to examine your goals and decide if it's worth paying for an attorney to help you. In some cases — say the lender repossessed your car even though you weren't actually late on payments or you want to avoid a deficiency judgment — you ...

Is it legal for a car repo company to charge?

Aug 04, 2021 · To know which bankruptcy best fits your financial situation, consult with Glendale Bankruptcy Attorneys . Our experienced car repossession attorneys in Arizona can help you stop repossession and keep your car. Call us at 623-471-1377 for a free consultation. Consult a Car Repossession Lawyer.

Can you get a car loan after a repo?

Worried about your vehicle being repossessed? The lawyers at Robinson Salyers, PLLC, can use bankruptcy law to protect your car, truck other vehicle. Call 502-220-4439

Can you settle a repossession?

How Can I Deal with an Old Repossession? Luckily, there is an option that can not only help lower the amount of money still owed on the repossession, but it also can get the repossession charges taken off of your record. Debt settlement can help clear your record from old repossession charges.Apr 25, 2017

Can a car repossession be reversed?

Often, a bank or repossession company will let you get your car back if you pay back the loan in full, along with all the repossession costs, before it's sold at auction. You can sometimes reinstate the loan and work out a new payment plan, too.

Can a car be repossessed without a court order?

In the absence of a court order, the only other way that moveable assets – such as vehicles – can be repossessed is if the customers voluntarily give the property back to the bank by signing a voluntary termination notice, she said.Oct 10, 2021

Should I pay off a repossession?

Paying off a repossession can help your credit score since it reduces debt owed, and you may be able to get the item removed from your credit report. However, the significance of impact on your score depends on your credit history and profile and whether you take a settlement.

What happens to your personal belongings when your car is repossessed?

Your personal belongings are your personal belongings. If a repo company took your car, you have the right to get these belongings back without having to pay a fee. Even if your car has been repossessed, you have rights including the right to get your personal belongings back.Oct 5, 2021

How do you negotiate a car repossession?

How to Negotiate After RepossessionRedeem the vehicle. After your car has been seized by a repo man (formally called a collection agent or an adjuster), the bank might let you buy back the car, called redeeming it. ... Buy back the car at auction. ... Reinstate the loan.

How long before a car can be repossessed?

How many months behind with payment do I have to be, before my car might be repossessed? The National Credit Act provides that any creditor can send you a Section 129 letter of demand if your account is 20 days or more in arrears. They can start the collection process after 1 default.Jan 19, 2021

How long does it take to get a court order to repossess a car?

The current process kicks in when a consumer is three months in arrears on car payments. After this point, it is unavoidable that the bank can repossess your vehicle. During the three months prior, however, you will have received due notification and be given a chance to catch up on payments.Sep 25, 2018

How long does it take for the bank to repossess a car?

A bank can repossess your vehicle when you've stopped making the monthly payments agreed upon in your financing arrangement. Most banks will begin the repossession process after you've stopped making payments for 60-90 days.

Can you negotiate after repossession?

Another alternative may involve negotiating over the arrears on your loan with the lender. ... If you negotiate after repossession, however, you may be able to use any questionable actions by the lender during that process to help bolster your bargaining position.Oct 18, 2021

How long does a repossessed car stay on your credit?

seven yearsA repossession takes seven years to come off your credit report. That seven-year countdown starts from the date of the first missed payment that led to the repossession. When you finance a vehicle, the lender owns it until it is completely paid off.Sep 7, 2020

What do I do after my car has been repossessed?

How do you recover after a car repossession?Speak to your lender. If your car is repossessed, you should immediately call your lender. ... Determine if you can get your car back. ... Recover your personal property left in the car. ... Pay outstanding debts. ... Make a plan. ... Ask for help.Aug 11, 2020

How to repossess a vehicle?

A breach of the peace when attempting to repossess a vehicle can include the following actions by the creditor in order to repossess the vehicle: 1 Threatening the use of physical force or violence; 2 Breaking and entering into the home of the debtor; and/or 3 Entering into a closed garage.

What is collateral property?

The property involved is referred to as collateral. Repossessions provide a process for creditors to reclaim property from debtors who have not made payments per their contract. The type of property reclamation most often occurs in conjunction with auto financing or car loans and loans for other expensive equipment.

How long does a repossession stay on your credit report?

This is beneficial because a repossession can remain on someone’s credit report for up to seven years after the original date of delinquency and can have a negative impact on their credit score.

Can a creditor repossess a car?

There may be exceptions to car repossession laws allowing the creditor to repossess the vehicle at any time. The creditor is not permitted to breach the peace in an effort to repossess a vehicle. In most cases, breaching the peace refers to intentionally disrupting the public in a specific way, including:

What is breach of the peace?

A breach of the peace when attempting to repossess a vehicle can include the following actions by the creditor in order to repossess the vehicle: Threatening the use of physical force or violence; Breaking and entering into the home of the debtor; and/or. Entering into a closed garage.

Can you avoid repossession?

As discussed above, there may be available steps to prevent repossession. Additionally, if repossession does occur and debt remains, your other assets may be in jeopardy. An attorney can speak with the creditor to determine if there is a way to avoid repossession.

What does "redeem" mean in real estate?

To buy back, or redeem the property prior to a sale by paying the unpaid balance and repossession costs.

How to avoid a deficiency judgment?

If you want to avoid or reduce a deficiency judgment, consider hiring an attorney to raise a defense to the deficiency action. The most common defenses to this type of suit are that the lender: 1 breached the peace when repossessing the vehicle (for example, by using or threatening to use physical force against you to take the car or removing the car from a closed garage without your permission) 2 didn't sell the car in a commercially reasonable manner by following appropriate sale procedures regarding the manner, time, place, and terms of the sale, or 3 the statute of limitations has expired. (If the statute of limitations has expired, you're under no legal obligation to pay the deficiency.)

What is it called when a car is taken from you?

The process of taking the car from you is called " repossession .". Each state has its own rules regarding repossession . If your car lender repossesses your car, van, motorcycle, SUV, or another motor vehicle, you'll need to examine your goals and decide if it's worth paying for an attorney to help you.

Can a deficiency judgment be pursued?

The lender could choose not to pursue a deficiency judgment, and some states place limits on deficiency balances after repossession. For example, deficiency judgments sometimes aren't allowed if: the amount still due is less than a few thousand dollars, or. the original price was less than a few thousand dollars.

What is the difference between the sale price and the total debt?

If the proceeds from the sale don't cover the balance of the loan, the difference between the sale price and the total debt is called a "deficiency.". Example. Say you owe $7,000 on the car, but your lender sells it for $5,000. The difference of $2,000 is the deficiency. In most states, your lender can sue you to collect the deficiency.

Can you bid on a repossessed car?

When your lender sells the repossessed car at an auction, you can attend and bid on the vehicle. Keep in mind that you could still be on the hook for any deficiency if you buy the car at the auction.

What happens if a car is repossessed?

Once your car has been repossessed, the lender will most likely sell it at a public or private auction. If the proceeds from the sale don't cover the balance of the loan, the difference between the sale price and the total debt is called a "deficiency."

Repossession

Motor vehicles are among the most commonly repossessed types of property. If your car or other items have been repossessed, the repo lawyers at Morgan & Morgan can help.

When Can My Car Be Repossessed?

Technically, as soon as you miss a payment, you are in default of the conditions of your contract and the creditor has the legal right to repossess the car. Under Georgia law, when a vehicle is repossessed, the creditor does not need to provide you with advance notice of the repossession.

How Can You Stop Repo Action From a Creditor?

While it is best to make timely payments on all of your obligations, sometimes, through no fault of your own, it becomes impossible to do so. Sudden job loss, disability, illness, or even divorce, can interfere with your finances.

Can you repossess a car in Florida?

Unfortunately there is no formal judicial process required to repossess a car in Florida, as well as no legal requirement that you have to be notified prior to your car being repossessed. Nevertheless, there are several laws that need to be adhered to, which are often broken, as well as several options available to you if your car has been repossessed.

How long before a car sale can you buy it?

At least 10 days prior to the sale the lender shall notify the borrower of the date, time and place of the sale , as well as provide them with a written accounting of amount due on the loan. The lender must permit the borrower to pay whatever is due and redeem the vehicle prior to its being sold. Furthermore, the borrower is allowed to purchase the vehicle at the sale.

Can a repossessed car be sold at auction?

At times repossessed cars are sold at rigged auctions where the prices paid are substantially lower than what the car is really worth, resulting in the buyer being stuck with a deficiency judgment for the difference in the amount owed. This practice is commonplace and illegal.

How long does it take to get a vehicle back after being sold?

In the event that the vehicle winds up getting sold for more than what the borrower owes, all of the additional proceeds must be returned to the borrower within 30 days of the sale.

1 attorney answer

Any commercial litigator shouls be able to help you. The Florida Bar can refer you to someone: http://www.floridabar.org/tfb/TFBConsum.nsf/48E76203493B82AD852567090070C9B9/EC2322E512B83D1E85256B2F006CC812?OpenDocument#N#Self-help repossessions are generally allowed if there is no breach of the peace.

Clifford M. Miller

Any commercial litigator shouls be able to help you. The Florida Bar can refer you to someone: http://www.floridabar.org/tfb/TFBConsum.nsf/48E76203493B82AD852567090070C9B9/EC2322E512B83D1E85256B2F006CC812?OpenDocument#N#Self-help repossessions are generally allowed if there is no breach of the peace.

What does it mean when a car is repossessed?

The debt problems many people face are frequently compounded when they receive notification that their vehicle is about to be repossessed due to default of payments. For many people, this means much more than relinquishing the property. It means they no longer have transportation to their place of employment, further impinging on their financial situation. However, there are options available to people who are facing repossession of their vehicle.

Who is Robert Geller?

Attorney Robert M. Geller is a certified specialist in Consumer Bankruptcy Law by the American Board of Certification *. Visit our bankruptcy information center to learn more. We are a debt relief agency.

Can you file a motion to redeem a repossessed vehicle?

Chapter 7 of the Bankruptcy Code allows individuals to file a motion to redeem their repossessed vehicle if they can pay the fair market value of the vehicle in a single lump sum payment.

Can you keep your car if you file for bankruptcy?

Alternatively, individuals filing for Chapter 13 bankruptcy may continue making car payments as they have in the past in order to keep the vehicle. Surrender your vehicle and eliminate your debt obligations.

Can you surrender a car in bankruptcy?

It is important to understand that simply surrendering your vehicle in and of itself does not discharge your obligation to repay the car loan. However, when filing for Chapter 7 or Chapter 13 bankruptcy, you may be able to eliminate your debt obligation completely, if you are willing to surrender the vehicle.

What is automatic stay in bankruptcy?

The automatic stay forces creditors to stop all collections attempts against you. As soon as the bankruptcy is filed an automatic stay instantly goes into effect. Under the stay, creditors cannot call you, continue with a lawsuit, repossess, or foreclose on your property. Regardless, how many months late payments are or how high ...

How does a cramdown work in bankruptcy?

A cramdown in bankruptcy will allow you to keep the car and shave thousands of dollars off the loan. With a cramdown, the borrower keeps the car and will only owe the car’s market value, not the loan balance. Thus, if your loan exceeds the car’s value you may get a windfall and save thousands of dollars. For instance, if your car is worth $5,000 but you owe $9,000, you would save $4,000 (9,000 – 5,000) and get to keep the car! To be eligible, the borrower must have purchased the car at least 910 days (roughly 2.5 years) before the filing date of the Chapter 13 bankruptcy petition. See bankruptcy law 11 US 1325.

What happens if you discharge a debt in bankruptcy?

On the other hand, if a debt is discharged in bankruptcy the borrower will be released from all personal liability on the debt. See bankruptcy law 11 U.S.C § 727. Further, the discharge prohibits a creditor from taking any collection action against the borrower.