It is possible to stop the threat of repossession

For most people in northern Mississippi, getting the mail is an everyday chore that doesn't merit much thought. For those suffering from an inability to keep up with their bills, though, getting the mail can be a daily cause for anxiety. In particular, receiving notice that one's accounts are going into collections can be highly intimidating, especially if the threats eventually become ones of repossession, garnishment or other forms of asset forfeiture.

What can a person do if they are behind on their car payments? First, it never does any good to panic about the situation. Many local residents have been in the exact same situation and have found a way out. Of course, it's understandable to be extremely worried, as one's car is usually one's way to get to and from work, so keeping one's vehicle is almost always a primary concern. Fortunately, there are ways to stop repossession.

While contacting creditors is not likely to be appealing, it may be possible to work with them. By contacting them directly and explaining one's financial situation, a lender may be willing to negotiate some sort of temporary solution if the borrower is able to pay some amount. In some cases, a person may choose to voluntarily surrender their vehicle back to the dealer; if this happens, the dealer might waive fees associated with the repossession.

Coping with the threat of repossession is never easy. However, there is one more option when it comes to avoiding repossession: declaring bankruptcy. While each case is different, in many instances it is possible to stop repossession and retain your vehicle - in some cases, it might even be possible to get back a repossessed car if certain conditions are met. A Southaven bankruptcy attorney can offer legal advice regarding avoiding repossession and keeping your personal property during financial stress.

Source: FindLaw, "How to Pay Off Debt FAQ," accessed Aug. 31, 2015

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