Many South Carolina consumers struggle with debt, and for some, these financial struggles can become a serious issue. You may have a significant amount of debt, and your situation may be at the point where you find yourself dealing with harassment from creditors and other issues, such as the threat of repossession.
If you are facing the possibility of losing your property because of your debt, you have no time to lose. Repossession could be more than a threat to your right to drive and keep your car; it could result in the loss of other types of personal property as well. You may feel hopeless, but there is a way you can make it stop.
Can they really just take my property?
The answer to this question, in short, is yes. Creditors may have the right to reclaim your vehicle and other types of property the moment that you become delinquent on the account. Whether you realized it or not, you likely agreed to this right when you signed your lease or contract.
While it is possible for a creditor to repossess property, there are certain things they cannot do. For example, a third party hired to carry out the repossession cannot break the peace in order to do so. Additionally, a person cannot come into or onto your personal property, such as a closed garage, to repossess your vehicle or other item.
What else is subject to repossession?
Vehicles are not the only things that a creditor can repossess if you fall behind on payments. Other types of property that you could lose include the following:
- Rent-to-own furniture or electronics
- Real estate
- Any sellable, tangible asset
When debt overtakes your life, your personal property is at stake. It’s frightening to think about losing your car and other things that are important to you, but you have options.
Making repossession stop
Threats or notices of repossession are frightening, but when you file for bankruptcy, the automatic stay will go into effect. In many cases, this makes repossession stop, allowing you to keep your car or other property.
Bankruptcy is rarely a person’s first option, but it could offer you a reasonable chance to confront your debt and eventually have a better financial future. If you received notice of repossession or wish to know more about the benefits of filing for bankruptcy, you may find it beneficial to seek a complete explanation of your options.