If you make a major purchase, like purchasing a vehicle, you will likely be required to sign a contract. It is typical that this contract will include a clause which addresses repossession. The ability of a company to repossess your secured property will hinge on this contract and your state’s applicable law.
Can Repossessions Be Removed?
February 17, 2010 By
It can be financially devastating to have a vehicle or other item repossessed, not to mention embarrassing! The repercussion of repossessed items can mean different things to different people. Repossession of a vehicle usually means loss of freedom to the owner. Repossession (foreclosure) of a home can mean the loss of family memories. Beyond these emotions, a repossession will trigger the downward spiral of your credit score!
Should Judgments Be Paid?
February 16, 2010 By
The short answers is, yes, you should absolutely pay a judgment. There is an exception, though, if you feel that a “Motion to Vacate” is applicable. If your judgment is vacated due to a Motion to Vacate, you will not be legally obligated to pay the debt. However, with regard to the contract, you may still be liable.
What Will Happen If I Have a Charge-Off On My Credit Report?
December 27, 2009 By
Bankruptcy: A Family Safety Valve
August 29, 2009 By
