Los Angeles Repossession Attorneys
Behind on Your Car or Auto Payments?With all of the devastating effects of COVID-19, individuals are being slammed with debts without the usual means to pay for them, especially with home or car payments. Not only is repossession devastating, but it can be embarrassing to have your car towed or your house reclaimed. In addition. to the repossession, you will still have to pay the remaining fees to your creditors. This is because repossessed property does not sell at high values but only at auction fees. Moreover, you will have to pay additional fees for auctioning and repossession, simply adding to your mountain of debt.
Thankfully, there are opportunities to be rescued from these disastrous consequences, so long as you get the support of our repossession lawyers in Los Angeles. At The Turoci Bankruptcy Firm, we are dedicated to advising you on how to be free of creditors' demands.
Call us today at 888-332-8362 to get true relief from all of your repossession anxieties.
Terms of RepossessionRepossession is the event where a creditor, lender, or a bank seizes your property or possession on account of a loan being defaulted. These items are called “secured debts” because they are tied to distinct physical possessions, from your automobile to your home. Normally, these secured loans are outlined as being paid over a set time period for a specific amount.
While creditors may allow a single late payment, they usually expect to be paid back at the same time each month. This may be a reasonable expectation under normal circumstances, but not when you have been facing extreme financial difficulties.
When you are unable to pay back these loans on time, creditors will attempt to repossess your hard-earned property and possessions, even though you have already spent so much of your finances, time, and labor to invest in a home or a car. The process of losing your property is not merely inconvenient but has devastating long-term consequences. In order to avoid this terrible calamity, you need a solution, which is where our attorneys can step in.
How Chapter 13 Bankruptcy Can Fight RepossessionOne of the best options to stop repossession immediately is by filing for bankruptcy, especially when your creditor is refusing to negotiate the terms of repayment. The most important effect this will have is that the court can instantly stop repossession through what is called an “automatic stay.” This automatic stay binds creditors to stop bothering you with threats of repossession, and it begins the moment you file for bankruptcy, regardless of how long your application takes.
Some of the other helpful benefits resulting from automatic stay include:
- All harassing calls, coming day and night from creditors and debt collectors, are instantly halted
- Actions of foreclosure against your house are ceased, allowing you and your family to continue living safely in your home without having to look for a new place
- You will not have to face any garnishment of your hard-earned wages
Know Your Rights During a RepossessionDuring a repossession, the agent responsible for retrieving your vehicle must abide by certain laws.
Repossession agents are not allowed to do the following when repossessing your vehicle:
- Make physical contact with you
- Threaten to harm you
- Enter a closed gate or garage
- Break locks or gates to access the vehicle
- Enter your home
- Continue with repossession if you verbally object (agents are required to abide even if you say "no")
It is important that you know your rights and if your vehicle was lawfully repossessed. If your rights were violated, you may be entitled to seek damages.
Reliable Legal Support for Chapter 13Filing for Chapter 13 bankruptcy is an excellent way of getting a fresh start at resolving your debts and gaining financial freedom. The process can be complex, however, without our experienced repossession attorneys in Los Angeles. At The Turoci Bankruptcy Firm, we are committed to helping you gain the second chance you deserve.
Contact us now at 888-332-8362 for a completely free, non-obligatory consultation.