Are you delinquent on your car loan?  Missing a car payment can result in repossession in a very short amount of time.  If you fail to pay your car loan, a lender has the right to repossess your vehicle immediately and they are not required to give you a warning that they intend to do so.  However, a repossession agent (repo man) does not have the right to harm your or in any way …

Category: Bankruptcy , Car Loans / Title Loans , Managing Your Finances , Repossessions

Tags: loans Repossessions

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… This story is an unnecessary tragedy. Let’s discuss some ground rules for dealing with repossessions:

Never confront the repo man especially with a gun or other weapon.

If you know that your vehicle payments are delinquent, be mentally prepared to face repossession eventually especially if you haven’t taken actions such as filing bankruptcy to stop repossession..

If your vehicle is in jeopardy of being repossessed, speak with a bankruptcy attorney to find out how …

Category: Repossessions

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As many Texans suffer job losses or salary reductions, many are facing vehicle repossessions. Facing a repossession can be upsetting and disruptive under any circumstance; but especially if the vehicle is repossessed while your personal property is still in it.

The first thing car owners need to know is that creditors do not have the right to keep or sell your personal property that is found in a repossessed vehicle. They must also take reasonable care to prevent …

Category: Bankruptcy , Repossessions , Unemployment - Job Loss

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According to an article in the Star-Telegram , many desperate car owners facing financial problems and possible repossession are secretly destroying their vehicles and filing false insurance claims.

The article said:

…financially strapped car owners are torching, sinking or ditching their vehicles and then reporting them stolen to cash in on the insurance. SUVs have been found ablaze …

Category: Bankruptcy , Repossessions

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… the subprime market which are very costly with high interest rates. Currently, the number of repossessions on cars financed with these types of loans is skyrocketing as more consumers face job losses and foreclosures. There was a recent report about how Repo men were finding it difficult to make a living because those facing repossessions are fighting harder to hold on to their cars by hiding them. If the trends continue in their current direction we may see a crisis in the car …

Category: Repossessions

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… make the payments on their vehicles, even if it’s as little as $200 a month. Because of this, repossessions in Dallas- Fort Worth are climbing at an alarming rate. Even the car loan companies can’t keep up with the pace. According to an article in The San Antonio News, there are more repossessions now than they have been in the past 20 years.

A repo man quoted in the article says that there are so many repossessions that he is now repossessing vehicles that are as much as four …

Category: Repossessions

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In the state of Texas your vehicle can be repossessed without notice; but repossession agents cannot "breach the peace" while conducting the repossession.  What this means is that under Texas law while the repossessing the vehicle, the repossession agent cannot:

forcibly remove you from your vehicle

stop you on the street or highway

enter a closed garage

break …

Category: Repossessions

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Under the Texas laws, a creditor with a lien upon personal property may repossess the collateral if the debtor defaults. The creditor need not give any notice of the repossession before they repossess the collateral nor get a court order before repossessing collateral. They can use self help or having a recovery agent do it for them.

A creditor cannot repossess if the repossession involves …

Category: Repossessions

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When a debtor purchases a product with credit, the creditor has a secured interest in the property. What that means is that anything you buy with credit, including furniture, vehicles, jewelry, electronics, computers, clothes and books can be treated as a secured item during bankruptcy.  For example if you purchased a $3,000 laptop using your credit card, the credit card company could …

Category: Repossessions , bankruptcy law

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Many people ask me about discharging student loans when they’re looking into filing for bankruptcy .  Typically, student loans aren’t discharged during bankruptcy proceedings.  It’s not impossible to accomplish if you can show that paying the student loan debt “will impose an undue hardship on you and your dependents”.  Bankruptcy judges use various tests to determine whether …

Category: Pay Day Loans , Repossessions , Student Loans

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According to an article in the Star-Telegram , the number of homeowners who were late making their mortgage payments shot up by 53 percent in the fourth quarter of 2008 from the same period in 2007.  The percentage of homeowners facing foreclosure was 4.58 at the end of 2008 compared to 2.99 percent in 2007 and analysts predict 2009’s mortgage delinquencies will rise significantly …

Category: Property Exemptions , Repossessions , Subprime Mortgages

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According to an article in the Wall Street Journal, insurance companies are providing more than just insurance coverage during a medical crisis.  The article explains:  “Different from disease-management programs, which focus on patients with a chronic condition such as asthma or diabetes, the case-management services are for patients with costly and complex medical conditions such as cancer …

Category: Dallas Attorney , Fort Worth Attorney , Repossessions

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