Without a doubt, everyone depends on a car to go from one place to another. In fact, it’s nearly impossible to make it through a day of work, school, etc. without a reliable vehicle. That’s why repossessions can be more than inconvenient. They can be devastating to your personal finances.
Agreement
When you enter into a purchase agreement with a car dealer or a lender, you have the obligation to make payments on a regular basis until the loan amount is paid in full. This agreement, or contract, gives the lender or dealer some rights as determined by the laws of the state in which you live. If you fail to make payments as agreed, the creditor generally has the right to repossess, which means they can take the car back without going through a court process.
These rights may be somewhat limited, as certain states restrict how and when a creditor may take back your car. If you find yourself in danger of losing your vehicle, you should contact someone who is experienced in repossessions in Longview, TX. Legal professionals such as William H. Lively, Jr., PC will advise you of your rights and obligations under the purchase contract and may be able to help you keep your vehicle.
Paying for Legal Help
Repossessions are just one of the steps creditors may take if you have financial difficulties and cannot pay your bills. It’s important for you to understand that you may qualify for low-cost legal assistance and you may be able to keep your vehicle under bankruptcy laws. However, you shouldn’t try to battle your way through the legal maze on your own.
Contact an individual who is experienced in this part of the legal profession and be prepared to ask questions. The answers will help you understand where you stand in relation to those who have extended credit to you.
