A "Must Watch" Video on Repossession Loopholes in Wisconsin
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Cost of Hiring a Lawyer for a Repo?
Understanding Your Rights When Facing Repossession
Repossession is a legal process where a lender takes back property, typically a vehicle, due to the borrower's failure to make payments. If you're facing repossession in Wisconsin, it's crucial to understand your rights and options. This blog post will provide you with essential information to navigate this challenging situation.
When Can a Lender Repossess?
In Wisconsin, a lender generally has the right to repossess your vehicle if you default on your loan agreement. This typically means you haven't made payments for a certain period, often 30 days or more. However, there are specific circumstances where repossession might be illegal, such as:
- Breach of Peace: The lender cannot use force or threats to repossess the vehicle.
- Hiding Vehicles: Many consumers are scared they might to go jail for hiding their vehicle from a repo agent. Some agents will even threaten criminal charges! You can read more about this issue and the consequences and options related to hiding your vehicle.
- Violation of State Laws: There may be additional restrictions or regulations regarding repossession in Wisconsin.
What to Do If Your Vehicle Is Repossessed
If your vehicle has been repossessed, there are several steps you can take:
- Contact Your Lender: Immediately reach out to your lender to discuss the situation. They may be willing to work with you to find a solution, such as refinancing or modifying your loan terms.
- Seek Legal Advice: Consulting with an attorney specializing in consumer law can provide valuable guidance. They can help you understand your rights, explore legal options, and negotiate with your lender.
- Consider Redemption: In some cases, you may have the right to redeem your vehicle by paying off the outstanding loan balance, including any fees and costs associated with the repossession.
Preventing Repossession
To avoid repossession, it's important to take proactive steps:
- Stay on Top of Payments: Make sure to make your loan payments on time and in full.
- Communicate with Your Lender: If you're experiencing financial difficulties, reach out to your lender early to discuss possible solutions.
- Consider Debt Counseling: A credit counselor can help you develop a budget and manage your finances more effectively.
Remember, facing repossession can be stressful, but understanding your rights and options can help you navigate this challenging situation. By taking proactive steps and seeking legal advice when necessary, you can protect your interests and explore potential solutions.
You can read more about possible outcomes from your case, here. We provide representation in automobile and vehicle repossession cases in Wisconsin, including Racine, Kenosha, Green Bay, Appleton, the Fox Valley, Milwaukee, West Allis, Waukesha, Walworth County, Dane County, Madison, La Crosse, Eau Claire, Superior, Ashland, and anywhere in-between. We offer online scheduling for appointments.
