Repossession is the right of a creditor to take back goods that are considered 'secured debt' because of unfortunate and unexpected circumstances that stopped you from making payments on your house, car, boat, motorcycle, etc...
There are two types of loans: secured and unsecured. A secured loan is one that requires you to pledge something as collateral. For example, if you purchase a car, the creditor will usually require you to put up the car as collateral. On the other hand, an unsecured loan, does not require collateral. Using a credit card is usually an unsecured loan.
If you fall behind in your loan, you should contact your creditors as quickly as possible and attempt to work out a voluntary repayment plan. You can do this yourself and in most cases they will be willing to work with you on this. If not Call us at 301-870-5417 right away and let us help you get your car back.
Bankruptcy should be able to cancel the debt and stop any further attempt by the creditor to repossess your car. If your property has already been repossessed, some creditor gives you the opportunity to have your property returned by paying all outstanding loan charges, fees, and costs.