If you’re at risk for having your belongings repossessed by creditors, reach out to an experienced repossession lawyer in Vigo County for assistance.
The burden of massive debt is undeniable. When these debts seem impossible to overcome on your own, you might be looking into options for clearing your name financially. Fortunately, restructuring your debt or declaring bankruptcy can be excellent options when you’re unable to pay off your debts.
A highly trained Vigo County repossession lawyer at Rowdy G. Williams Law Firm can help you get back on your feet. We’ll review your debts in great detail to see which path is right for you, whether that be a debt restructure or bankruptcy declaration. In any case, you can be sure that with our firm by your side, you’ll be one step closer to financial freedom.
Repossession occurs when the creditor or lender takes back possession of the items you’ve purchased from them. This can be a vehicle, furniture, or even your home, which would be referred to as foreclosure. However, just because the creditor is technically the owner of the item in question until you pay off your loan, that doesn’t mean they don’t have certain rules they need to follow.
For instance, creditors are not allowed to harass or threaten you. Neither can they enter your private property to seize these items. Doing so would be a violation of your rights and the creditor will face serious penalties if they choose to ignore these rights.
In fact, if a lender illegally repossesses your property, they can be compelled to pay fines, lose their opportunity to file a deficiency judgement against you, and even be required to compensate you for the damage they’ve caused. Your repossession lawyer in Vigo County will be able to further explain what you can expect if your lender breaks the law in an attempt to repossess your belongings.
How to Avoid Repossession
Unfortunately, declaring bankruptcy has a bad reputation. In truth, filing for bankruptcy is often a great way to remove the burden of debts from your shoulders.
When you declare bankruptcy, an automatic stay will be ordered, which prevents creditors from repossession and any further attempts to collect your debts. If you choose Chapter 7, the items you do not wish to retain will be liquidated and sold to repay your creditors, and the ones you wish to keep will be restructured to repay your debt.
If you choose Chapter 13, you’ll formulate a repayment plan spanning three to five years to repay your creditors, after which, any remaining debts will be discharged. Before you make the decision to declare bankruptcy, review your case with a qualified attorney who can help you develop a plan that will meet both your needs and that of your lenders.
Work with a Vigo County Repossession Attorney
If you’re facing repossession and have no idea how to make sure that you are able to retain ownership of your belongings, get help from an experienced Vigo County repossession lawyer at Rowdy G. Williams Law Firm today.
You can call our firm at 1-812-232-7400 or complete the online contact form we’ve provided at the bottom of this page to schedule your free case evaluation as soon as possible.