Repossessions

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Dealing With (And Preventing) Repossession 

The team at The Fealy Law Firm, PC, makes it a mission to educate its clients about all matters related to bankruptcy and debt relief. This allows people to make informed choices but avoid incorrect information that could cause further damage. There are many misconceptions regarding repossession law in Texas. A creditor may repossess any property under loan (such as vehicles, furniture and appliances) anytime you are late or otherwise default on your loan contract (for example, loss of insurance) – and they can do so without notice.  

If you find yourself falling behind on car or personal property payments, the first solution may be to contact your creditor if it is just a temporary issue, but they are not obligated to work with you. If they do, make sure you get any agreement in writing because creditors may still repossess after accepting a partial payment. If you are delinquent more than one or two payments or a creditor is already seeking collateral, speak to an attorney from The Fealy Law Firm, PC, as soon as possible to know your rights and obligations. Your first consultation is always free. 

Using Bankruptcy Law To Your Benefit

If your vehicle is repossessed, the creditor may sell it at auction, but you might still end up owing them if it sells for less than the balance on your loan (plus any fees associated with repossession and storage) – even if you voluntarily surrendered it. This debt also applies to any co-signers on the loan.  

Filing a Chapter 13 bankruptcy may stop repossession or even allow you to get the vehicle back if it has not yet sold. This will allow you to reorganize your debt and pay it back over time, often at a lower interest rate or reassessed for the fair market value of the vehicle. Timing is critical, so it is important to contact an attorney as soon as possible.  

A Trusted Debt Relief Agency

Board-certified bankruptcy attorney Vicky Fealy* has been helping people in Houston and the surrounding community navigate the difficulties of bankruptcy and property repossessions for more than 25 years. Her experience can help you use the law to retain important property while charting a path to wipe out debtsCall 713-568-4491 or complete our contact form to schedule your free and private consultation today. Se habla español.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.