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Repossession Legal in Metairie, Louisiana
Most consumers in America purchase large items, such as a vehicle or a home, with the help of a loan. And while a person may be bound to loan terms, falling behind on loan payments happens. When it does, the lender may have the right to repossess the property for which the loan was granted. If you are at risk of repossession, or if you have recently had property repossessed, here’s what you need to know about the process and how a Metairie attorney can help.
What Is Repossession?
Repossession refers to the right of a lender to reclaim ownership over property that has not been paid off. Most commonly, it is vehicles that are repossessed, although repossession isn’t limited to vehicles — home foreclosures are also a type of repossession. If a borrower fails to make a payment on time or in full, the lender has the right to repossess the asset in question.
How Does Repossession Work?
While a lender can technically repossess property as soon as the borrower is delinquent, usually, a borrower has missed multiple payments before repossession occurs. Typically, the lender will work with a third-party company to handle the repossession, such as a car towing company that specializes in this.
It’s important to note that repossession isn’t just about losing your property; the damages are more significant than that. In addition to having your property taken from you, a repossession will show up on your credit report and will significantly damage your credit score. You may also be turned over to a debt collection agency, could be sued in court, and could even have your wages garnished in order to pay off the remaining balance on the property.
How to Avoid Repossession
If you are unable to make payments on an asset such as a car, a piece of jewelry, furniture, or your home, it is best to take action sooner rather than later; once repossession happens, it is very hard to reverse.
The first thing that you should do if you are falling behind on payments is to talk to the lender and see if restructuring your loan terms is possible. With the help of a Metairie repossession attorney, you may be able to negotiate terms that are more favorable.
Another option to avoid repossession is to consolidate your debt, which means moving all of your loans into one single loan. If you have friends or family who can help, asking them to assist you in making payments short-term could help you to avoid repossession, too.
Finally, if you have exhausted all other options, filing for bankruptcy is a possibility. When you file for bankruptcy, the automatic stay will go into effect and creditors will be barred from collecting on debt or repossessing assets until the case is complete.
Call a Metairie Repossession Attorney Today
Repossession can be scary and frustrating. If you are risking repossession or have recently had your vehicle or another asset repossessed, don’t hesitate to connect with a skilled Metairie repossession attorney. Call immediately for a consultation and an overview of your rights.
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