Tennessee’s Best Bankruptcy Attorneys Protecting Your Property

Let’s take a quick overlook on Car Repossession Law 

When a lender or financial institution can attempt repossessing your car? That happens when you fail to make the car payments or if there is a default on your loan. You risk having your car repossessed by your lender if you have fallen behind in your payment.

Why is the lender allowed to Repossess your car and how?

When you buy a car on finance you are ought to give the lender security interest in the vehicle. Every state has different rules for repossession but having a security interest generally means your lender can repossess your car without any notice if you are unable to pay the loan.

In most cases, the lender can seize your vehicle without prior notice but they can’t breach the peace while they do it. Breaching the peace usually means using or threatening to use physical force against you for taking the car back. But if he does you can actually take the help of a lawsuit.

What will the lender supposedly do after repossessing your car?

The lender can either keep the car or sell it to gain the default loan. Each state has its own rules regarding sale and notice procedures. But the selling off the car will happen to keep you in the loop. This generally means the lender has to follow certain standard sales practices that he cannot breach.

However, there are defenses to a deficiency action. They are –

  • If the lender breaches the peace when repossessing a car
  • If the lender doesn’t sell the car in a commercially reasonable manner
  • If the lender has lost the right to sue by waiting too long.

Is there any way of getting the car back?

Obviously there are ways that you can get your car back. If you actually –

1) Redeem the car that is buying back the vehicle.

2) Reinstate the Loan and pay for the repossession costs.

3) Buy it back in the auction if the lender is selling the car at the auction.

4) Hire a bankruptcy Law Attorney and file for bankruptcy. This step should prohibit the lender from selling the vehicle without the court’s permission. 

Are you ready to call your bankruptcy attorney?

When it comes to seeking legal assistance with car repossession, do not hesitate to reach out to Jerome C Payne Law Firm. You can file a bankruptcy to repossess your car and we will assist you throughout the process. We will definitely help you to possess your car back with the best-suited solution.

(901) 794-0884
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