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Repossessions and Foreclosures

Oregon Bankruptcy Attorney

As any Oregon bankruptcy attorney will tell you, bankruptcy usually doesn't just "happen." It usually follows missed payments and past due notices, which in turn can result in repossessions and foreclosures. Nobody wants to wake up to find their car missing, or to get a notice of eviction. An Oregon bankruptcy attorney can help you to prevent this from occurring, or to at least slow the process.

Repossession and foreclosure are two terms that describe similar actions taken by creditors. Foreclosure is normally associated with a creditor attempting to take possession of real property (land) while repossession describes a creditor attempting to take possession of personal property like a car.

A creditor cannot do either unless the creditor has a valid security interest in the property. With land, this would be a mortgage, contract of sale or trust deed. With personal property, it would require having the creditor's name on the title or having a proper UCC filing if the personal property does not have a title (like a tractor or piece of welding equipment). An Oregon bankruptcy attorney can help you to navigate this potential mess.

A major difference between foreclosure and repossession is what the creditor is required to do before it can begin foreclosure or repossession. With foreclosure, the creditor is required to go through some type of court process to obtain a court order or to give you written notice several months in advance before the creditor can take over possession of your property. The creditor cannot just show up on your doorstep and kick you out.

With repossession, however, the creditor is not required to give you any notice. If you are past due on your payments, the creditor can send out a tow truck and haul your car away in the middle of the night. Usually, however, you will know in advance that the creditor is concerned when you begin receiving past due payment notices. By retaining an Oregon personal bankruptcy attorney, you can potentially prevent this from happening.

When an Oregon bankruptcy attorney files a bankruptcy petition, it STOPS REPOSSESSION AND FORECLOSURE the instant the petition arrives at the court and gives you some time to organize your finances. An Oregon bankruptcy attorney can file a Chapter 7 bankruptcy, which will give you 2-3 extra months to get caught up on payments.

If you are severely behind on your payments, however, you may want to consider having an Oregon bankruptcy attorney file a Chapter 13. In a Chapter 13 bankruptcy, the filing stops any repossession or foreclosure and gives you an opportunity to present a plan to the court that could allow you up to 5 years to catch up the past due payments.

Of course, you will be required to continue to make your regular monthly payments, but the court has the power to force a creditor to accept your terms to bring your account current if it meets the requirements of bankruptcy law. An Oregon bankruptcy attorney can help you to properly prepare and file the necessary paperwork.

If you are planning on filing bankruptcy, then you should definitely consider retaining an Oregon bankruptcy attorney to make sure everything is done properly, and in a timely fashion. At Oregon Fresh Start, you can retain an Oregon bankruptcy attorney with almost 30 years of experience, at an affordable price.

For more information regarding retaining an Oregon bankruptcy attorney, please Contact Us.

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