Repossession

Are You Facing Repossession?

Call our Buffalo bankruptcy attorney today!

One of the most frightening aspects of going into debt, defaulting on a loan, or filing for bankruptcy is the threat of repossession. Will I lose my home? Is my car safe? How can I prevent repossession? Our firm gets asked these questions and more on a regular basis.

We've made it a point to continue educating ourselves on New York's latest bankruptcy laws so as to best serve our clients. The more informed we are, the better we can protect your rights and your property. Christopher D. Smith & Associates has been representing individuals in the community since 2004, and we don't plan on stopping anytime soon.

Repossession & Your Property

One of the most common reasons for property to be repossessed is because you've defaulted on a loan. While bankruptcy may also be a valid reason, the automatic stay tends to prevent most repossession efforts by creditors.

However, if you do default on a loan, there are certain things that a creditor can repossess and certain things that they cannot. Arming yourself with knowledge can give you the upper-hand in your dealings with creditors.

Creditors are allowed to repossess the following if you default on a loan:

  • Your home
  • Your car
  • Property that is used as collateral
  • Rent-to-own items

Creditors cannot repossess:

  • Credit card purchases
  • Property not specifically named as collateral
  • Property named as collateral in a void contract

One of the benefits of filing for bankruptcy is that the automatic stay stops collection efforts, therefore preventing all repossession. Our firm can evaluate your circumstances and help you determine if bankruptcy is the best choice for what you're facing.

Our Buffalo bankruptcy attorney was included in the Super Lawyers® List. We believe in giving clients our complete attention, and the small size of our firm allows us to do just that. There is nothing more important than your future – contact us today to take steps toward a brighter tomorrow.

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