Credit Corp
JUNE 14, 2023
How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans? Car Repossession It’s important to realize that an auto loan is a type of secured loan. The vehicle you purchase serves as collateral for the loan. This process is referred to as repossession.
Debt Free Colorado
APRIL 9, 2020
You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited. They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments.
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Sawin & Shea
JANUARY 18, 2023
Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. Additionally, your creditors will not be allowed to contact you.
Sawin & Shea
JANUARY 25, 2022
To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. Examples of Unsecured Debts. What Happens When You Can’t Pay Unsecured Debts?
Sawin & Shea
MARCH 7, 2023
When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts.
Burr Forman
DECEMBER 4, 2020
The new bill issued a moratorium on evictions, foreclosures, and repossessions, which expired on June 30, 2020. On April 23, 2020, Governor Gavin Newsom issued Executive Order N-57-20 exempting stimulus payments and other COVID-19-related government financial assistance from attachment, levy, execution, or garnishment.
Collection Industry News
JULY 20, 2020
The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency.
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