Start Now to Stop Repossession with a Bankruptcy Lawyer in FlorissantComments Off on Start Now to Stop Repossession with a Bankruptcy Lawyer in Florissant
Repossession is something that no one wants to experience. The best way to deal with this situation is to stop it before it escalates. A repo can remain on your credit report for 7 years and negatively affect future purchases. If you have the potential to be faced with a repo of your vehicle, take steps now to stop repossession with a bankruptcy lawyer in Florissant.
If you have never missed a payment, repossession may not commence immediately, but if you have had past due payments before, a repo can happen quickly. Sometimes an agreement can be worked out with the lender, in advance, if you expect to be late with a payment. Note that if you have been granted a 30-day extension that payment is due 30 days from the original payment due date.
The repo man, or repossession agent, is a professional who knows the most effective way to take your vehicle. He will take the auto to the impound lot. This allows you the opportunity to bring all payments up to date or completely pay off the loan. If you are unable to make your account current, the lender will sell your car at auction.
If you feel that repossession is virtually inevitable, it is smart to remove your individual property from the car, including after-market equipment. Remember, surrendering your vehicle does not solve the problem, as you will still owe the balance due.
To solve a nonpayment issue before it snowballs, stop repossession with a bankruptcy lawyer in Florissant by consulting Teague & Associates, LLC. Call or text to schedule your appointment at (314)899-4499.