The dictionary defines repossession as “to take possession of (something bought) from a buyer in default of the payment of installments due”
Falling behind on car payments or other types of secured loans can lead to your property being repossessed by creditors. Dealing with financial issues and debt can be overwhelming, especially if you’re in danger of losing an important asset due to falling behind on loan payments.
Our Colorado bankruptcy attorneys understand that life happens. Whether it’s divorce or sudden death, a medical emergency, or just bad budgeting, debilitating debt can happen to anyone at any time.
When our clients call us, they are often distraught and are considering bankruptcy only as a last resort. Don’t allow yourself to sink deeper into debt with no hope of recovery. We can help you gain control of your financial future. Let us evaluate your financial situation and help you identify your options. Contact our Colorado bankruptcy attorneys today for a free case consultation, and continue reading this webpage for more information about repossession, debt relief options, and bankruptcy.
Repossessions are often a daunting topic for people who are seeking debt relief, especially for those wondering how a repossession can impact their financial futures. Our team of Colorado bankruptcy attorneys has provided answers for some of the most common questions asked about repossession to help you understand more about repossessions and bankruptcy in Colorado.
Yes. In short, housing repossession and foreclosure are both legal processes that refer to a creditor taking away your home. These processes are similar, but they have significant differences.
Foreclosure refers to the process that your lender must follow if you go into default on your home loan and stop making payments. The foreclosure process is more complicated than repossession.
When you stop making payments on certain secured loans, the creditor can repossess the collateral. While there is a process that creditors must go through in order to legally repossess their property, it isn’t nearly as complicated or time-consuming as foreclosure is.
Under Colorado law, you must be in default on your loan agreement for at least 10 days before your lender can send you a default notice. After your lender sends a notice of default, you have an additional 20 days to bring your loan current before your lender can repossess your car.
If you have missed a loan payment for a secured asset such as a car, truck, or boat, your creditor may send you a default notice, also commonly referred to as a Notice of a Right to Cure. The right to cure gives a buyer a grace period- 20 days in the state of Colorado- in which to catch up on payments before a repossession takes place.
Yes, it is legal for a state repossession agent to repossess their asset from a public place or private property, as long as they don’t breach the peace to repossess said asset.
Usually, when people hear the word repossession, they automatically think of cars. However, there are many types of secured assets that can be repossessed if payment for the loan has defaulted. These include
The two most common types of personal bankruptcy filed in Colorado are Chapter 7 and Chapter 13. As soon as you file for bankruptcy in Colorado, an automatic stay is put into place, which prevents your creditors from attempting to collect any outstanding debt. Additionally, the stay prevents your lender from selling your repossessed asset without the court’s permission.
If your possessions have already been repossessed then filing for Chapter 7 bankruptcy might help you get your assets back if you file quickly. However, if the lender has sold your assets already, Chapter 7 bankruptcy probably won’t help you get it back. Contacting an experienced Colorado chapter 7 bankruptcy attorney for help as soon as you’re in fear of your car being repossessed helps you have the best chance of keeping your assets.
If you don’t qualify for Chapter 7 bankruptcy, you may consider filing for Chapter 13 bankruptcy. By filing Chapter 13 before your possessions get repossessed, you can force the lender to return your property and pay off the loan through your repayment plan over three to five years.
During bankruptcy, exempt property can’t be sold for the benefit of your unsecured debt. Basically, bankruptcy exemptions level the playing field so that getting a fresh start doesn’t require you to start from scratch.
Some examples of Colorado state bankruptcy exemptions include:
There are two major types of debt: secured and unsecured. Secured debt is effectively anchored by your property: A creditor can seize it/repossess it and then sell it if you default and stop paying on the loan.
Unsecured debts are debts that are not backed up by collateral. Examples of unsecured debts are credit cards, unpaid medical bills, and unpaid utility bills. This means that unsecured debt collectors cannot repossess your assets to collect on your debts.
Our team of experienced CO bankruptcy lawyers understands that asset repossession is incredibly stressful and can have a serious impact on your daily life. You shouldn’t have to try and navigate this stressful situation alone.
There are a few options available to address your debts and prevent your belongings from being repossessed. Our experienced Colorado repossession attorneys understand these processes inside and out. With decades of combined experience helping Coloradans just like you, we can help you keep your possessions and develop a comprehensive plan that may enable you to discharge other debts and get back on solid financial ground.
Our experienced legal team works with clients all over the state of Colorado, including:
When you choose our firm to represent you, we can do everything possible to provide you with a debt solution strategy that will allow you to continue working towards your financial goals. Facing repossession can be a scary and stressful experience, but we are here to help guide you and ensure your rights are fully protected. To find out how an experienced Colorado debt relief attorney can help, contact our firm today for a free case consultation.
