If you live in Cincinnati and fall behind in making payments on your loans, your creditors can repossess your property at any time. If your loan is secured by property — your car, your home, your new appliances, or anything else used as collateral – the property can be seized by creditors once you default on the loan agreement. You will lose your property and the value you already made in payments, and if you want to get your property back, you will be faced with extra fees.
Fortunately, there are steps you can take to avoid repossession. Creditors must abide by Ohio laws, and you may even be able to get back property that has already been repossessed if you work with an attorney who knows the system.
The seasoned Ohio debt-relief lawyers at Fesenmyer Cousino Weinzimmer in Columbus, Dayton and Cincinnati are ready to make your case an urgent priority and find ways for you to keep ownership of your property. For example, you may be able to prevent repossession by becoming current with your payments, making special arrangements with your creditors, or filing for bankruptcy.
The contract you sign when you buy an item through a loan spells out the payments you must make and the dates you must make them. If you fall behind on these payments, Ohio law considers you to be in default of the contract. You will probably be in default as soon as the payment is late, unless your contract provides a grace period to make up your payments.
If the contract states that the creditor has the right of repossession, the creditor can reclaim the property without having to go to court and get a judgment. Creditors may then keep the property or sell it to help cover your debt. Creditors and third parties seizing property are not allowed to confront the buyer or break the law by doing anything likely to cause violence during the repossession process.
Creditors may also file a lawsuit and get a court order for repossession. These are called “replevin” cases, and sometimes the court will issue an order even before you know that a case was filed. If you wish to challenge the replevin order, you must file a hearing request with the court within five days after receiving the paperwork. In this case, you should contact an attorney immediately for legal assistance.
Some types of property cannot be repossessed, even if you default on a loan, including:
Once creditors repossess your property, they usually send default notices within five business days. The notices explain why your car or other property was repossessed and what you must do to get it back. If you want to keep your property, you have the right to buy it back by paying the outstanding balance, including the cost of the repossession and sometimes up to two additional payments.
If you cannot make these payments, you will be notified that the car will be sold at least 10 days before the sale. Keep all paperwork and notices in case you are sued for the difference between what the property sold for and the balance due on the loan.
Even if property cannot be repossessed, creditors may still sue you in court to recover the money you owe. If they win, they may be able to garnish your wages or put a lien on your property.
The following is a list of some companies that do repossessions in Cincinnati:
There are several ways an attorney can help you fight repossession. One is to work directly with the lender to restructure or renegotiate the terms of your loan. However, in many circumstances, the most effective way to stop a repossession or regain your property is through a Chapter 7 or Chapter 13 bankruptcy filing. Both types provide an “automatic stay” that can immediately stop repossession and harassment by creditors.
Chapter 7 bankruptcy is the most common form of bankruptcy, and it discharges most or all consumer and/or business debts while protecting you from harassment from creditors and repossessions. In most instances, deficiency balances can be treated as an unsecured claim and discharged in your bankruptcy. Also, Ohio has exemptions of property that cannot be sold, including clothing, cars, equipment used for work (like tools) and household furnishings. If you do not own much property, your possessions may all be exempt.
Chapter 13 bankruptcy is a repayment plan that consolidates your debts and allows you to repay some or all of them over a three- to five-year period. If you successfully complete the court-approved payment plan, the debts covered by the plan are discharged.
If you are a Cincinnati resident faced with repossession, time is of the essence.
The experienced and compassionate debt-relief attorneys at Fesenmyer Cousino Weinzimmer know what you are going through. We offer a FREE INITIAL CONSULTATION to evaluate your entire financial picture by examining your income, your debts and your goals in order to determine the best fit for your individual situation. We have helped thousands of Ohio residents find new hope and prevent repossession.
Delaying can only make your situation worse, so call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today at our conveniently located Cincinnati office at 877-654-5297 or email for your free consultation so we can determine what debt relief solutions will work best for you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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