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When people hear the word repossession, their first image is usually of a vehicle being towed from a driveway. This tends to happen when owners fail to make their payments, however, a car may also be repossessed for other reasons as well. If the vehicle is financed and the owner fails to maintain full coverage insurance, a lender may decide to repossess. Regardless of why vehicle repossessions occur, they universally cause stress and hardship.
It’s not only vehicles that may face repossession. Consumers regularly finance large purchases that are out of their price range, then fail to make their agreed-upon payments. If payments cannot be made, a repossession of that big-ticket item may follow. Non-vehicle purchases that may be repossessed include:
In short, purchases are repossessed because purchasers can no longer pay their debts on these items. Some individuals simply overextend their budgets, unknowingly live outside of their means, and find themselves quickly falling behind on their bills. In some instances, this may be caused by unexpected financial circumstances like surprise medical costs. No earner is exempt from finding themselves in debt.
According to CNBC, 137.1 million Americans faced financial challenges in 2019 due to medical costs. In post-pandemic years, medical costs have become an even bigger obstacle. For one Seattle resident, a bill for life-saving COVID-19 treatment ran $1.1 million.
Job loss is another devastating cause of financial hardship in Colorado and beyond. The loss of income forces individuals to deplete savings in order to stay ahead of debts and everyday living expenses. If savings are depleted more quickly than employment can be found, debts accumulate. Once debts accumulate, repossessions may be coming next.
The situations that lead to repossession are numerous. Regardless of the reason behind your financial hardship, the last thing you need is for your house, car, or other belongings to face repossession. Repossession impacts credit and may leave you without necessary transportation or other daily means. A few tips can help you to avoid facing repossession altogether:
One way to keep repossessions at bay is to pay debts and pay them on time. However, the simplest answer is also the most challenging in practice. Paying bills on time and in agreement with any financial contracts keeps your belongings in your possession and bill collectors from calling your home.
Many lenders will work with their clients because they don’t want the items back, and they realize that unexpected financial hardships do occur. Therefore, all you may need to do is get back on top of missed payments to stop a repossession from happening. If you get a settlement you’ve been waiting on, an income tax refund comes in, or an inheritance shows up, pay the current charges and make future payments on time to halt repossessions.
A person can also put a stop to repossession by paying off a debt in full. If you’re able to borrow from friends or family, take out a lower-interest personal loan, or have access to savings, you may pay off what you owe in order to keep your property and stop any repossession orders.
Filing for bankruptcy can be just what you need to protect your assets when lenders threaten repossession. Different bankruptcies offer different protections, and a bankruptcy attorney can be valuable in determining which fits your situation best. Considering a DIY bankruptcy approach may not be in your best interest with the complexities involved in the overall bankruptcy process.
Adams County bankruptcy attorneys have experience in dealing with Chapter 7 bankruptcies, Chapter 13 bankruptcies, and other financial cases. Now, the only question is, “How do I find a good lawyer?”. Contact a firm with proven experience, knowledge, and satisfied clients to back them up. You may also use a few tips to find a trustworthy bankruptcy attorney.
Do you know a friend, co-worker, or family member who has navigated a bankruptcy proceeding? If so, there is a chance that they used a bankruptcy lawyer. They may be able to provide you with a referral and a first-hand review of their experience. Referrals from individuals you know and trust all but guarantee a trustworthy and confident experience.
Just because you visit an attorney’s office for a consultation, that doesn’t mean you’re obligated to use their services. A consultation may also be viewed as something of an interview process. Before you decide to hire a law firm, ask the representative you meet with for a list of client references. An experienced high-quality bankruptcy attorney will have the references to back up their expertise.
Reference insights will allow you to weigh the pros and cons of the firm, letting you know if they’re a fit for your particular financial situation.
Our Adams County bankruptcy attorneys are experienced in every type of Chapter 7 and Chapter 13 bankruptcy case, and we’re ready to address your questions or concerns. Contact the office to schedule an appointment today.