Repossession
is the process by which a creditor seizes your property
if the payments get behind. The most common form
of repossession is when a person's automobile gets
taken. After the auto is taken, it is generally sold
at an auction. If the auction price does not cover
what you owe (it rarely does), you are still responsible
for the difference. The creditor usually then attempts
to garnish your wages or bank accounts to collect
the deficiency balance.
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Chapter
13 offers protection from the seizure of your property.
Once you have filed your Chapter 13 petition for
relief, no creditor will be able to legally seize
any of your property! If the property has been
seized, the creditor must return the vehicle to
you (provided that is has not yet been sold). You
will then propose a plan of repayment to the creditor
to pay the account delinquency over a period of
years. This is a very powerful tool if your property
is about to be, or has been repossessed by one
of your creditors.
For more information on repossession, call Spiroff
Law at 614/224.2104.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. |
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