According to the Oklahoma law office of Mitchell and Hammond, if an individual in Oklahoma leases or purchases an item on credit and fails to make the agreed upon payments, creditors have the right to seek legal action for repossession of the items. Typically repossessions occur with motor vehicles, but creditors in Oklahoma have the legal right to repossess any purchased or leased item. It is possible for repossessions to occur at any time.Know More
Robinson Law in Tulsa, Okla., explains that if an individual is behind on automobile payments but has filed for bankruptcy, creditors cannot repossess the vehicle without the court's permission. Bankruptcy filings allow for an automatic stay, prohibiting creditors from taking further action.
According to Affiliated Legal Services, Inc in Tulsa, Okla., creditors in Oklahoma begin collection action on secured debts promptly following the first missed payments. If collection actions such as calls, letters and emails fail to produce the owed funds, the next step is repossession. It is important for individuals who are going through the repossession process to understand that by filing bankruptcy, there is still an opportunity to get their vehicles back. Filing for bankruptcy initiates an automatic stay, and an experienced bankruptcy attorney can help finalize the filing process.Learn more about Debt Law
A statute called the Texas Business and Commerce Code Section 9.609 says a creditor can use self-help repossession but can only seize collateral if it can be done without a breach of the peace, according to Weber Law Firm, P.C. Getting a court order or filing a lawsuit are other options for creditors.Full Answer >
Vehicles in California can be repossessed after a default in the contract of just one day, including a missed payment or a lapse in car insurance, according to attorney Jay S. Fleischman. Car finance companies and a registered repossession company can take away a vehicle.Full Answer >
North Carolina repossession laws state that if someone is behind on payments or has failed to maintain any required insurance, the lien holder of the property has the right to repossess the property. However, they do not have the right to breach the peace during recovery.Full Answer >
In Arkansas, lenders are given certain rights to ensure they continue to receive payments. One major right lenders are granted is the ability to take back any goods that have a loan in default, according to Credit Info Center. A loan defaults if there is a failure to make payments as agreed upon.Full Answer >