Repossession is to take possession of something bought from a buyer in default of the payment of installments due.

A consumer may avoid repossession of some of his property by declaring personal bankruptcy, by trying to make financial arrangements with the court, which will usually prevent the consumer's house and sometimes, his car from being foreclosed and repossessed. Both repossession and bankruptcy are significant negative events on a consumer's credit report.

Repossession is generally used by a financial institution to take back a personal property that was either used as collateral or rented or leased in a transaction, usually done in accordance with a purchase contract or credit contract, in which the consumer agrees that the seller (the "lien holder") may repossess the object if the signer's monthly payment is past the grace period (generally 30 days late, but can vary based on the number of payments that have already been made, the length of the business relationship, reason why past due, etc.)

If you find yourself you are about to loose your property, contact attorney Jorge L. Gonzalez for a free consultation. He will help you to find the way to get back your financial control.


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