Being in debt and behind in payments is very stressful. You may have been laid off, or recently had some kind of medical emergency that brought on an avalanche of unexpected bills. Regardless of why, having too much debt can turn your life upside down. On top of that, you may be facing a situation where some of your possessions are in danger of being taken away from you by your creditors. This could be your car, furniture, even your home. If you are worried about this happening to you, you should consult our Virginia Beach attorney, who understands repossessions and can help prevent this from occurring. He can explain the ins and outs of bankruptcyloan modificationsdebt consolidation and other options to guide you to the best solution.


Repossession is the outcome when you have used some property you own as collateral for a loan. A house is the collateral used when getting a home mortgage loan. Or you may take out a personal loan from a bank and use your car as collateral. Perhaps you bought a refrigerator, or rented furniture or a large home theater with the intention to eventually buy it. When you fail to make the payments on these loans, the creditors may repossess the property that collateralized the loan.

For a house, this results in a foreclosure, where you are evicted and the house put up for sale so the bank can recoup some of the money it is owed. If you obtained a loan using your car as collateral, the car can be repossessed if you fail to make payments as agreed. Your car loan is collateralized by the vehicle. If you don't make your payments, the lender will take back the car and sell it. You will still owe the debt – as you signed the loan documents. There are strict regulations that creditors must follow with regard to repossessing items from consumers. For example, you must be more than ten days late with your payment before the creditor can repossess. Further, the creditor cannot repossess your items if you make all late payments, including any late charges, within the ten-day limit. Also, if the creditor agreed to change the due date, whether orally or in writing, or if they said they would accept your late payment, then they are not allowed to repossess your property.

There are many other regulations that address repossessions as well. A highly experienced and competent bankruptcy lawyer would be able to counsel you on all these different regulations, your rights, and what can be done to stop repossession. You can get accurate information, such as in what manner can a creditor repossess property, what happens to the property after it is repossessed, what if other property is taken along with the collateral property (such as items left in a repossessed car), and others.

Some items that cannot be repossessed by a creditor include property that was not used as collateral to secure a loan. Purchases made with a credit card cannot be repossessed. Or you may have used your car, for example, as collateral on a loan, but the contract did not meet the legal requirements of the state. This would make the contract unenforceable, and as a result, repossession would not be allowed. Our firm can review your documents and advise you of your current position.

There are times when filing bankruptcy may be your best solution. Not only can it help you get a new start, it also prevents you property from being repossessed. The subjects of bankruptcy, repossessions and alternatives to bankruptcy can be very complex. Our attorneys at the David McCormick Law Group, practicing in Virginia Beach and Norfolk, are very familiar with all these issues, and are ready to assist you. We want to get you out from under crushing debt while not losing any of your valuable property. We work closely with our clients to fully understand their financial situation in order to bring about the best possible solution.

Need to stop repossession of your car or other item? Call our Virginia Beach repossession attorney at once.

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