Long Island Bankruptcy Attorney
Repossession occurs when a creditor takes back an item that was purchased on loan, rented or used as collateral. If the debtor defaults on his or her payment agreement with the creditor, repossession may occur, though the debtor is typically notified beforehand. Repossession is most commonly associated with cars, trucks and other motor vehicles, but it may also involve any type of property that was leased or rented. In some ways, foreclosure could be looked at as the repossession of a home, as the bank essentially takes the property back from the debtor.