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Repossession

Repossession of Assets

Personalized Protection Designed by a Bankruptcy Lawyer in Irvine

If an individual falls behind on regular payments toward an automobile, boat, property or other assets, the lender may take action to take possession of the property as collection on the debt owed. This can negatively affect your credit and, in the matter of a car, possibly impose barriers on your ability to work. An effective Irvine bankruptcy attorney can show you your options to stop repossession efforts. Debt negotiation can be an effective means of dealing with this kind of situation.

Methods of Avoiding Repossession

Lenders will sometimes negotiate a better interest rate, lower payments or both that will enable you to keep the asset and pay it off. In a Chapter 13 bankruptcy proceeding, a reorganization of your debt and repayment plan approved by the bankruptcy court will stop repossession. If you fear repossession of an asset or attempts have already been successful, you should retain trusted legal representation at once. The legal option of bankruptcy protects your right to keep your property and repay what you owe. There are alternatives to bankruptcy and becoming fully informed of all your options will enable you to make the right decision for your circumstances.

The firm has assisted many to make these tough decisions. They have helped people through the process of bankruptcy to gain a fresh start on their financial life. There are many benefits to bankruptcy and the myths surrounding it can prevent honest people from pursuing this valuable option. An attorney from the law office of Peter Rasla & Associates, P.L.C. can answer any questions you have and replace any bankruptcy myths you have with the truth and the facts. The firm has one goal, which is the financial well-being of their clients. They have a proven record in attaining their goal.