About Repossession

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.

Managing Partner Richard Jacoby gives a brief overview of Chapter 7 Bankruptcy and the importance of hiring a dedicated Long Island bankruptcy lawyer to assist with your case.

Our bankruptcy lawyers are always prepared to help you, so contact our firm today! Call (888) 452-2629.

There are different ways to potentially avoid repossession in the first place, and a Long Island bankruptcy attorney at our law firm can discuss these with you. For example, if you have already fallen behind on your car payments and have been threatened with repossession, you may consider whether filing for bankruptcy would be a viable option to stop debt collection efforts. In some cases, the creditor may be willing to negotiate with you, but if you have had issues with this or believe that you have been the victim of creditor harassment or other illegal conduct, our Long Island bankruptcy lawyer may be able to help you in filing suit against the creditor for their actions.

Filing for bankruptcy places an automatic stay on all debt collection efforts against you, including the repossession of a vehicle or other property if it has not yet been taken from your possession. Chapter 13 bankruptcy in particular may allow you to reorganize your debt in order to work out a payment plan that will allow you to make up past payments and protect your property from being surrendered to the bankruptcy court, as may occur in a Chapter 7 bankruptcy if that property is not protected from liquidation.

FOR MORE INFORMATION CALL JACOBY & JACOBY AT (631) 289-4600.

Why Choose Jacoby & Jacoby?

Experienced and Qualified Representation

When you work with a New York bankruptcy lawyer at Jacoby & Jacoby, you have the benefit of our years of experience and our extensive resources, all at your disposal as you face these trying times. The stress and emotions associated with mounting debt may leave you feeling hopeless and lost. Thankfully, with the help of a lawyer at our firm, you can begin to take control of your finances and experience much needed relief.

By discussing your situation with an attorney at our firm, you can decide whether bankruptcy is right for you. You can learn what your options are. When you work with an experienced attorney at Jacoby & Jacoby, you will have the support and legal counsel of a professional who will know what to do to help. Finally, you can experience relief from creditors. You can stop worrying about losing your possessions or your home.

Contact our firm today, and learn more about the many ways that we can come to your aid. Call Jacoby & Jacoby at (888)452-2629.

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