Indiana Repossession Laws
Indiana Repossession Laws
Every day, we speak with clients who are facing difficult financial challenges. There is often a lot of fear associated with terms like bankruptcy and repossession. At the Law Offices of Kevin M. Schmidt, our Indiana repossession lawyer strives to help our clients by answering your questions about repossession while providing legal services with the goal of minimizing the impact of these processes. One of the questions that comes up frequently is related to repossession – specifically, what are the implications of being in debt and filing for bankruptcy while owning property?
Understanding Indiana Repossession Laws
If you have purchased an item with secured financing, commonly a car, truck, motorcycle, boat, or another type of vehicle, and still owe money on the loan, the lender could repossess your vehicle if you are unable to make the payments. Most lenders outline repossession details in the paperwork when you sign a loan for a vehicle. This is a common scenario, and it is important to understand how repossession laws work in Indiana.
- If you have a signed contract that shows you are using your vehicle as collateral for a loan, your vehicle is eligible for repossession in Indiana.
- If you are unable to honor the terms of the loan, typically meaning that you fail to make payments, your property can be repossessed by the lender.
- Repossession agencies in Indiana are not required to let you know before they repossess your vehicle, and lending companies do not need to go through a court hearing to start the repossession process.
- Although repossession agents do have the ability to seize your vehicle if you have defaulted on the loan, there are limits on how this can happen. For example, a repossession may occur if you voluntarily bring your vehicle into an auto shop for a tune-up, but a repossession agent cannot show up at your home to recover your property.
An Experienced Indiana Repossession Attorney Can Help Protect Your Rights
When it comes to repossession laws in Indiana, you have certain rights, and it is essential to understand what those are. An experienced repossession lawyer can help you navigate through this process. At the Law Office of Kevin M. Schmidt, our team will help to carefully review the details of the claim.
In some cases, repossession is processed incorrectly and without the proper written notification. In other cases, the lender might attend to perform a significantly undervalued sale of your repossessed vehicle at auction in order to sell the car quickly. There are ways of protecting both you and your assets when it comes to vehicle repossession. Understanding your rights is the first step.
Find Your Way out of Debt – Contact an Indiana Repossession Lawyer Today
At the Law Office of Kevin M. Schmidt, we are dedicated to helping our clients recover financially. Whether it is through the loss of a job, a sudden medical emergency, or some other form of financial hardship, we understand that every client’s situation is unique and deserves special care. Contact us as soon as possible to schedule a free initial consultation and to learn more about your legal options for overcoming your debt.
Schedule A Free Consultation
At the Law Office of Kevin M. Schmidt, P.C., we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed