Repossession Attorney in Denver Colorado
Do you lay in bed in fear of your car being repossessed? Have you fallen behind in your car payments or loan payments with your car as collateral? Colorado laws allow creditors or lenders to repossess your car at any moment after you fall behind on your payments without needing any sort of court approval. At the Law Office of Clark Daniel Dray, our experienced repossession attorney can help you keep your property and get back on your feet.
Unlike other firms, we provide you with the personalized service you deserve. When you retain our attorney, they will be with you from the start of your case until its resolution. This allows us to provide comprehensive and detailed solutions tailored to your unique circumstances.
The longer you wait, the worse your chances are at maintaining possession of your car. Call our Denver office today to schedule a consultation with our skilled bankruptcy attorney.
How to Preemptively Prevent Repossession in Colorado
One of the simplest ways to prevent repossession is to file for bankruptcy. Either Chapter 7 or Chapter 13 filing can get the court to order an automatic stay. This prevents creditors and lenders from pursuing action to collect your debt, including collection calls, pursuing deficiency judgments, lawsuits, and repossessions. In short, filing bankruptcy will prevent car repossession!
In particular, in Chapter 7 bankruptcy, if you return the car, you are not liable for a deficiency judgment. You are not just avoiding liability but also discharging other debts by filing for Chapter 7 bankruptcy.
What to Do if Your Car Has Already Been Repossessed
Once the creditors have already repossessed your car, you only have ten days to act. According to the bankruptcy law, creditors have to give notice of deficiency and sale before selling your property. You can only stop repossession if you file bankruptcy within the 10-day notice window.
Colorado law makes a creditor wait 10 days before they can send a “right to cure.” This “right to cure” tells you that you have the chance to pay off your balance and stop repossession. However, you only have a right for such a notification once every twelve months, This means if you’ve been in default in the last 12 months where a lender had already sent you a notice of your “right to cure,” then they do not have to send a notice.
The lender’s authority to repossess a vehicle is derived from the lien you accept when you purchase the vehicle. They have the legal authority to seize the property subject to the lien if you do not make all of the payments stated in the lending contract. There are laws, and understanding them always makes things easier.
Our knowledgeable Denver repossession attorney will lay out the relevant laws and your possible options so you can make informed decisions. Get in touch with us today to discuss your case.
Does the Law Protect Me During Repossession?
The Fair Debt Collection Practices Act (FDCPA) protects you from abuse by people aiming to repossess your property. The FDCPA prevents them from:
- Harassing debtors
- Threatening legal action that they do not intend to pursue
- Misrepresenting their identity.
In Colorado, even if creditors are allowed to take your property without obtaining court permission, they are not allowed to abuse their right. Repossession entails that creditors still have to follow Colorado law when repossessing your property.
This means that creditors cannot:
- Pretend to be a law enforcement officer while conducting the repossession;
- Threaten any of the above actions;
- Cause a fight;
- Break into your house;
- Enter a closed garage or your home;
- Stop you on the street or highway like a law enforcement arrest; or
- Forcibly remove you from the vehicle.
It can be stressful going through repossession. If you want to avoid that stress, you can file bankruptcy with our trusted Denver repossession attorney.
What Happens After Repossession
Even if your property has been repossessed, all is not lost. If you find a way to pay all your outstanding debt, you can buy back your property. This usually does not happen because if debtors had the money to “cure” their missing payments, they would not have been in the position to be subject to repossession in the first place.
If you do not redeem the property, the lender has the right to sell it in any commercially reasonable manner. You are expected to be notified of any sale, but failure to do so does not stop the repossession; they are not punished for failing to provide adequate notification.
You are entitled to a refund if you acquire enough money for the vehicle at auction to cover what you owe them. However, you will almost certainly still owe them money for the vehicle, even if you don’t own it anymore, along with the cost of a repossession, and a plethora of other expenses. And they have the legal right to sue you for that sum. It’s referred to as a “deficiency judgment.”
Time is gold. The sooner you act, the better your chances are at recovering your property, whether it’s a car, a truck, or even furniture. Retain our experienced Denver repossession attorney to help you navigate the intricacies of repossession and bankruptcy.
Call our Office Today For a Personalized Legal Counsel from our Denver Repossession Attorney!
We know how difficult it can be to lose the personal property you’ve worked so hard to obtain. Our repossession attorneys will work with you to ensure you keep your hard-earned property.
At The Law Office of Clark Daniel Dray, our bankruptcy attorneys have handled thousands of bankruptcy cases, both under Chapter 7 and Chapter 13 bankruptcies. We offer personalized bankruptcy and debt resolution services that will relieve you of your financial problems and help you get a fresh start.
No two cases are the same. Our attorney accounts for the unique circumstances of your case along with all the pertinent laws to provide you with the best course of action.
Find relief from the pressures of your debt by calling our skilled Denver repossession attorney today.