How do I stop a repossession order?

Question

How do I stop a repossession order?

Answer

A repossession order is issued when you are not paying on a secured debt. The lender on whose loan you have defaulted can get such an order to repossess or take back the item or items that are acting as collateral for the loan. This happens most commonly with a vehicle, although it can happen with other things as well if they are acting as a form of security for a debt. When a repossession order is issued, you really have only two choices to stop it: pay what you owe or declare emergency bankruptcy.

Paying what you owe is the better and simpler solution, of course, but this may not always be possible. If you can't come up with all of the cash right away, a phone call to your lender to see if you can work out a payment plan or installment agreement may be your best choice. There's no guarantee the lender will agree, but it is worth asking.

If this isn't an option but you still need to stop the repossession, you can consider declaring bankruptcy. When you do so, an immediate stay is put into effect that stops all collections activities that are going on against you—including the repossession of your vehicle. An emergency bankruptcy essentially allows you to get this whole process started more quickly so that you can put a stop to the repossession order if it is pending immediately. Of course, this is not a final solution to the problem, since you are still going to have to work something out about paying the loan secured by the collateral. 

To get help deciding which option is right for you, you should speak with a lawyer. If you choose to declare bankruptcy, a lawyer's assistance will be essential throughout the process.

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