Last week’s blog post discussed a topic that concerns many people when they find themselves facing financial chaos – the potential loss of a treasured personal item during the bankruptcy process. As discussed, in many cases a New York resident can protect certain items of personal property from liquidation or sale due in part to bankruptcy exemptions. However, other legal processes can threaten a person’s ownership of other significant property items, such as his car or home.
When a person falls behind on his car payments, his lender may threaten to repossess the individual’s car. When a person is unable to pay his monthly mortgage, his mortgage holder may initiate foreclosure proceedings against the home. Foreclosure and repossession are both processes through which the holder of an outstanding loan may secure its losses by reclaiming possession of the item subject to the loan and selling it to a party that is able to provide timely and full payments.
While the processes benefit loan holders, they put loan payers in difficult positions when those individuals are threatened with losing their homes and cars. Without a car many people cannot hold down jobs; without homes most people cannot care for their families. At the end of the day, foreclosure and repossession can threaten a person’s way of life.
While successful outcomes cannot be guaranteed, there are many steps that a party may take when facing asset forfeiture. The Law Office of Ronald V. De Caprio works with individuals facing just these financial problems and can guide them toward financial solutions that may help them keep their homes and cars. Threats of losing these items of property are serious. Take significant steps to protect your home and car from foreclosure and repossession. Consider contacting our firm to learn more about our foreclosure and repossession practices.