Knoxville Repossession Lawyer Works to Protect Clients’ Property

Experienced Tennessee firm uses various methods to help stop repossession

Losing your vehicle to repossession is a major disruption in your daily routine that makes it harder to tackle your financial problems. You shouldn’t be discouraged if you’ve missed a car loan payment or two, but you do need to take prompt action in order to keep your vehicle. Located in Knoxville, William E. Maddox, Jr. LLC, Attorney at Law assists Tennessee residents who are facing the potential repossession of their car, truck, boat or other type of property acquired through a secured loan. I understand how to negotiate with financial institutions and can pursue revisions to your loan terms that allow you to keep your vehicle and maintain your lifestyle.

Established firm advises clients threatened with the loss of a vehicle

Along with financed vehicles, items such as appliances bought on payment plans or jewelry used as collateral for a loan can be repossessed. My East Tennessee firm delivers sound counsel to clients threatened with the seizure of their property and explains issues related to:

• Repossession process — Many people are surprised when a repossession occurs. No court order is required when a lender comes to take someone’s vehicle due to past due payments and, unlike foreclosure, there are no formal notice requirements. You could come home or walk out to your parking place at work and realize your vehicle is gone. This can be very disconcerting, but by acting promptly and hiring a proven lawyer, you might be able to get your car or truck back.
• Rights of property owners — Even when a lender is legally authorized to take possession of a vehicle, their agents are subject to certain limits established under Tennessee law. Someone attempting a repossession many not use violence, threats or any other tactic that “breaches the peace” as part of their job. A repossession agent cannot enter your home without consent or trick you into bringing your car somewhere by telling you that a mechanical problem needs to be repaired.
• Chapter 13 bankruptcy — When a person files for bankruptcy, the court issues an automatic stay which prohibits creditors from taking any action against you until the case is closed. If you believe that your lender will soon take your property or if repossession has recently occurred, I will explain if and how bankruptcy can help. In most cases of this type, clients prefer a Chapter 13 proceeding, where they can establish a more appropriate repayment schedule that lasts from three to five years. Under this type of bankruptcy, people can hold onto their cars and homes as opposed to a Chapter 7 liquidation where those items might be sold off to repay creditors.
• Recovery following repossession — Once a creditor has repossessed a vehicle or a different item, they must notify the debtor of the repossession and the opportunity the debtor has to recover what has been taken from them. Depending on the terms of the loan, additional funds might be required beyond the amount owed to retrieve the car or truck, but I know that financial institutions often prefer reaching a mutually acceptable agreement on payment terms rather than seizing the property in question.

Don’t let someone take your car or truck without learning about your rights and options. I am dedicated to helping clients facing repossession achieve a positive result.

Contact a Knoxville lawyer for a free consultation about your repossession issue

William E. Maddox, Jr. LLC, Attorney at Law in Knoxville provides knowledgeable counsel to Tennessee residents who are in danger of having their personal property repossessed. For a free initial consultation, please call 865-293-4953 or contact me online. My office is located in Knoxville.