Does the sound of your phone ringing make you uneasy? Are debt collectors calling you non-stop? You’re not alone. About one in three Americans currently have a debt in the collections process.

If you’re going through these types of collection actions, you’re likely wondering whether your creditors will start repossessing your assets. Despite your situation, you have options. Read on to learn more about the debt collection and repossession process and what you can do about it.
 

Debt Collection and Property Repossession Methods

If you owe someone a debt, then they have a few legal ways of getting their money back. In the beginning, they’ll start sending you letters in the mail, emailing you, and calling your phone off the hook. If they’re unsuccessful, then they may start the process of repossessing one of your assets.

If your loan is connected to an asset like a car, TV, or household appliance, then your creditor is legally allowed to take it back if you’re not paying your debt. Despite that, they aren’t able to walk up to your property and just take it. Before they can act, they need to seek out a court order.

You have options, too. One of the best things you can do is contact your creditor and work out an alternative payment plan. If your creditor is already prepared to go to court, then you may need to consider other options like filing for bankruptcy.

Do You Need Help Protecting Your Assets?


How can you protect your assets from a repossession action? One way is to start bankruptcy proceedings. This action will immediately stop all repossession and debt collection actions by your lenders.

 

Are You Considering Filing For Bankruptcy? If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.

Are You Considering Filing For Bankruptcy?

If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.

James Roswold
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James Roswold is a Kansas & Missouri personal injury, workers comp, and medical malpractice attorney.