Legal Assistance With Your Car Repossession Case

If you or a loved one are facing the repossession of your vehicle, our Southfield, MI car repossession lawyer is here to help you. We know how difficult of a time this can be, and our dedicated team of attorneys is here to help you understand your options as you look to protect your rights, save your car, and manage any existing debt. You do not have to fight this battle alone. Our team will help you understand the laws surrounding car repossession in Michigan and serve as an aid, advocate, and guide throughout every step of your case.

When you hire our firm, you can rest assured that your case and your car are in good hands. With over 100 years of combined experience across our dedicated team of attorneys, we have the skills and knowledge necessary to help you protect your rights and needs in the face of repossession. We offer service across the entire Southeast Michigan area and provide no-obligation consultations to all of our clients. We truly care about you and your case, and we will do everything we can to fight for you. To discover how we can assist you with your car repossession case, contact Gudeman & Associates, P.C. today.

Understanding Car Repossession Laws

In the state of Michigan, a lender can legally move to repossess your car without notice if you have defaulted on your payments, but there are laws in place that dictate certain actions they cannot take in the process of repossessing your vehicle. They may not unlawfully enter any closed structure such as a home or garage, misrepresent their identity or intentions, or use physical force or other tools of intimidation or harassment against you or your family. Additionally, the lender must respect a redemption period of 15 days during which you have a chance to save your car before they can sell it. If you have experienced one of these unlawful actions or had your rights violated in another manner during a repossession, our dedicated Southfield car repossession attorney can help you fight back and protect your rights and your vehicle.

The Redemption Period

During the 15 day redemption period that you are legally required to receive, our Michigan car repossession lawyer will help you explore your options and take the necessary steps to stop a repossession and save your vehicle. This may include refinancing your loan, renegotiating the terms of your payment with your creditor, or filing for bankruptcy. No matter which option is best for your specific case, our team will help you create and act on a plan that will efficiently and effectively help you manage your debt and payments in pursuit of redeeming your vehicle.

The Importance Of Professional Assistance In The Face Of Repossession

If you are facing the repossession of your vehicle, having our skilled and knowledgeable repossession lawyer on your side is invaluable. Our team can help you ensure that your rights are protected and that you take the best possible path towards saving your vehicle. To discuss your case with our lawyer, contact Gudeman & Associates, P.C. today to schedule a consultation.

What Can Be Repossessed?

Your Southfield, MI car repossession lawyer can help you get your vehicle back – and your legal team can also help you protect your other items. At Gudeman & Associates, P.C., we’ve helped thousands of clients throughout Southeast Michigan. From estate planning to bankruptcy, our broad range of legal services can keep you protected during your most challenging times. Read on to learn more about what can be repossessed, and see how we can keep it safe for you:

What Is Repossession

Repossession occurs when a creditor retrieves property tied to a loan due to nonpayment. The most common examples include vehicles and real estate, but it can apply to any property that serves as collateral for a loan. The terms of repossession are typically outlined in the initial loan agreement, which borrowers agree to at the time of the loan issuance.

Types Of Assets Subject To Repossession

Vehicles

Cars are the most commonly repossessed item, as they are often used as collateral in auto loans. If payments are not made, the lender has the right to take back the vehicle. The repossession process for cars can happen quickly and without a court order, making it a straightforward means for creditors to mitigate their financial losses.

Real Estate

Homes can be repossessed through foreclosure processes if a homeowner fails to keep up with mortgage payments. Unlike vehicle repossession, foreclosing on a home typically involves a court procedure, providing homeowners a chance to make payments and settle debts before losing their property.

Furniture And Appliances

For financed items like furniture and appliances, repossession can occur if payments cease. These items are less commonly repossessed due to their depreciating value and the cost associated with the repossession process.

Other Financed Items

Other items that can be financed and are subject to repossession include electronics, jewelry, and tools. Similar to furniture and appliances, these items are repossessed based on their terms of sale and financing agreements.

What Happens After Repossession

Once an item is repossessed, the creditor typically sells it to recover the unpaid portion of the loan. If the sale of the item does not cover the total debt, the borrower may still owe a deficiency balance, which is the difference between the sale price of the item and the remaining loan amount. In many cases, creditors can take further legal action to recover this balance. Fortunately, your Southfield, MI car repossession lawyer can help.

Legal Protections For Borrowers

Borrowers have certain legal protections against repossession. For example, a lender must generally notify the borrower before taking action. Additionally, any repossession action must not breach the peace, which means no threats or physical force can be used to reclaim the property. It’s crucial for borrowers to understand these rights to ensure they are treated fairly throughout the process.

How We Can Help

Facing repossession is challenging, but you do not have to go through it alone. At Gudeman & Associates, P.C., we are committed to helping our clients understand their legal options and provide robust defenses against unjust repossession practices. Contact us today, and see how a Southfield car repossession lawyer from our office can help.