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Stopping Repossessions In Little Rock, AR

Repossession

When you are facing financial hardship, you may be unable to make the payments on your car, boat, furniture, or other loan on time. Like your home mortgage, these loans are a secured debt, subject to repossession if you don’t pay according to the terms of the contract. Your contract should state precisely what constitutes a default. In Arkansas, even if your payments are up to date, your car can be repossessed if your auto insurance lapses.  Seek legal counsel from an experienced and successful Little Rock, AR bankruptcy attorney that handles repossession cases if you or a loved one is in need of helping stop from being repossessed.

Preventing a Repossession

You may be able to prevent a repossession by contacting the lender right away when you realize you won’t be able to make the payment on time. Sometimes, but not always, they will allow you some additional time, or negotiate a revision to your payment schedule. If you can convince the finance company that you are likely to pay soon, it may make sense for them to delay the repossession, which is an expense they might prefer to avoid. If you are able to work out this type of agreement, be sure to get it in writing.

Legal Restrictions on Repossession Agents Acting on Behalf of Creditors

In Arkansas, a creditor cannot commit a “breach of the peace” in the process of repossessing an asset. Using or threatening physical force, entering a closed garage without your permission, or taking your personal property left in the car are not legal, and the creditor could be forced to pay a penalty and/or compensate you for damages.

If you think the creditor violated the law, wrongfully repossessed your car, or charged you an excessive amount of interest on the loan, you should seek the guidance of an experienced repossession and debt relief attorney.

The Bigger Picture: Are You a Candidate for Bankruptcy?

Not being able to make a payment on a secured loan is usually a sign of a larger problem, and it is probably in your best interest to look at the threatened repossession as part of the larger picture. You may be a candidate for Chapter 7 or Chapter 13 bankruptcy in Little Rock, AR, which will immediately stop the threat of repossession. You need the advice of an experienced debt relief attorney who can tell you what rights you have to the equity in the vehicle under state and federal bankruptcy laws.

Learn about Your Options at a Free Repossession and Debt Relief Consultation

If you are being threatened with repossession, you are probably in an overall stressful financial situation. It is important to know that potential solutions are available. A good Arkansas debt relief attorney can advise you about the possible solutions that are open to you.

You can get the advice you need by taking advantage of a free consultation offered by Dilks Law Firm, a Little Rock, Arkansas, law practice that exclusively handles cases involving clients who are laboring under a burden of excessive debt. We have the focused experience in this specialized area of law that can help stop creditor harassment, threats of repossession, garnishment, and lawsuits and give you back your peace of mind. Call today, because the sooner you call, the sooner you’ll be back on the path to financial solvency.