If you're reading this post, you may already be hiding your vehicle because it's at risk of repossession. Life happens, bills mount, and sometimes it's difficult to make a vehicle payment. If you feel like you need to hide your vehicle, you're not alone. Attorney Nathan DeLadurantey would be happy to talk with you about your rights and options.
If you hide your car from repossession in Wisconsin, a number of things could happen, including:
- A lawsuit by the lender. The lender may sue you for the value of the car, plus any additional damages, such as the cost of repossession and storage.
- A judgment against you. If the lender wins the lawsuit, it may get a judgment against you. This means that the lender can garnish your wages or take other assets to satisfy the judgment.
- A negative impact on your credit report. A repossession will stay on your credit report for seven years. This can make it difficult to get approved for loans, credit cards, and other forms of credit.
- Criminal charges. In some cases, hiding a car from repossession may be considered a crime. If you are convicted of a crime, you could face jail time, fines, and other penalties.
It is important to note that the penalties for hiding a car from repossession vary depending on the specific circumstances. If you are considering hiding your car from repossession, you should speak with an attorney to discuss your options.