Are you struggling to make payments on an installment loan and facing repossession of your vehicle or personal property (but not a house or land)? If so, we encourage you to contact our office at (832) 975-7300 to discuss your options and help you get in front of the issue.
In Texas, an installment loan (a written agreement pursuant to which you acquired the vehicle or other personal property) is secured by the creditor with a lien upon the personal property. Should you default on your payments, or committed some other breach according to the terms of the written agreement between you and the creditor, such as failing to maintain insurance, the creditor may repossess the vehicle or personal property. If you default, the creditor can accelerate the payments on the loan and demand the total unpaid balance be paid immediately.
A creditor does not have to give you advance notice or obtain a court order before repossession. However, a creditor or recovery agent (being the person hired by the creditor to take the vehicle or personal property subject to repossession) may only seize collateral without a court order if it can be accomplished without committing a "breach of the peace." While specific facts and circumstances will determine whether a "breach of the peace" has occurred, generally, a creditor or recovery agent cannot legally break into your home, garage or closed gate and may not harm or threaten you.
Once repossession has occurred, a credit must give you at least ten days' notice before it is auctioned. Unfortunately, however, most creditors will require that the entire debt owed be paid, in addition to repossession and storage fees, prior to releasing your property. Filing a bankruptcy proceeding may stop repossession or even allow you to get the property back if it has already been repossessed, but not yet sold. Timing is critical, so it is important to contact your local Houston bankruptcy attorneys, Tran Singh LLP, to discuss the remedies available to you and to learn more about how a Chapter 7 bankruptcy proceeding or a Chapter 13 bankruptcy proceeding may stop or satisfy a deficiency judgment.
At Tran Singh LLP, you will find local Houston attorneys experienced in repossessions. We are dedicated to our clients and strive to offer legal advice with care and compassion understanding the overwhelming burdens you may be experiencing when facing financial difficulties, including when falling behind on payments to your creditors. We encourage you not to wait another day to call our office and schedule a free and confidential consultation and allow us an opportunity to assist you on the path regaining control over your finances.
In Texas, an installment loan (a written agreement pursuant to which you acquired the vehicle or other personal property) is secured by the creditor with a lien upon the personal property. Should you default on your payments, or committed some other breach according to the terms of the written agreement between you and the creditor, such as failing to maintain insurance, the creditor may repossess the vehicle or personal property. If you default, the creditor can accelerate the payments on the loan and demand the total unpaid balance be paid immediately.
A creditor does not have to give you advance notice or obtain a court order before repossession. However, a creditor or recovery agent (being the person hired by the creditor to take the vehicle or personal property subject to repossession) may only seize collateral without a court order if it can be accomplished without committing a "breach of the peace." While specific facts and circumstances will determine whether a "breach of the peace" has occurred, generally, a creditor or recovery agent cannot legally break into your home, garage or closed gate and may not harm or threaten you.
Once repossession has occurred, a credit must give you at least ten days' notice before it is auctioned. Unfortunately, however, most creditors will require that the entire debt owed be paid, in addition to repossession and storage fees, prior to releasing your property. Filing a bankruptcy proceeding may stop repossession or even allow you to get the property back if it has already been repossessed, but not yet sold. Timing is critical, so it is important to contact your local Houston bankruptcy attorneys, Tran Singh LLP, to discuss the remedies available to you and to learn more about how a Chapter 7 bankruptcy proceeding or a Chapter 13 bankruptcy proceeding may stop or satisfy a deficiency judgment.
At Tran Singh LLP, you will find local Houston attorneys experienced in repossessions. We are dedicated to our clients and strive to offer legal advice with care and compassion understanding the overwhelming burdens you may be experiencing when facing financial difficulties, including when falling behind on payments to your creditors. We encourage you not to wait another day to call our office and schedule a free and confidential consultation and allow us an opportunity to assist you on the path regaining control over your finances.
What Now?
Click on the links below to navigate to the pages providing additional information on Chapter 7 and Chapter 13 bankruptcy and for more details on options that may be available to you.
Click on the links below to navigate to the pages providing additional information on Chapter 7 and Chapter 13 bankruptcy and for more details on options that may be available to you.
Have you scheduled an initial consultation with us?
Click below to navigate to the Consumer Bankruptcy Consultation Checklist, a guide prepared with you in mind, and summarizes the information and documentation you will need to provide for your case.
Click below to navigate to the Consumer Bankruptcy Consultation Checklist, a guide prepared with you in mind, and summarizes the information and documentation you will need to provide for your case.
Questions?
Ready to take the next step toward financial freedom, click below to be directed to our Initial Consultation Form.
Ready to take the next step toward financial freedom, click below to be directed to our Initial Consultation Form.
TRAN SINGH LLP
2502 La Branch Street | Houston, Texas 77004 | Phone: (832) 975-7300 | Fax: (832) 975-7301 | Email: [email protected]
DISCLAIMER AND LEGAL NOTICE
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
2502 La Branch Street | Houston, Texas 77004 | Phone: (832) 975-7300 | Fax: (832) 975-7301 | Email: [email protected]
DISCLAIMER AND LEGAL NOTICE
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.