Nowadays, most people need a car. Whether it is to get to work, school or to visit family, many people live too far away from public transportation to utilize it or feel that owning a vehicle is simply more efficient. With the high price of cars, a lot of these individuals take out an auto loan to cover the purchase price. Most of the time, the payments are made on time and all is well. But when a person has a string of missed payments the threat of repossession can be enough to push them over the edge.
In a recent instance, a woman pulled a gun on a man who was trying to repossess her car. Police claim they found a BB gun at the scene and they arrested the woman for making terroristic threats. It appears as if this woman's car, like so many other people's, played a major role in her life. So much so that she was willing to place the repossession employee at risk of harm.
Though this may be an extreme case, every year thousands of people face auto repossession. Repossession may mean the loss of a job, the loss of family time or child visitation, or the loss of an education. Also, when assets are repossessed and money is owed, a bank may use wage garnishment as a measure to recover any lost value not obtained through the repossession.
These individuals may have fallen on a hard times through unemployment or unexpected financial challenges and deserve better than to have their car stripped away from them. Fortunately, there are many options available to an individual to Stop repossession. An individual's best option is to file for bankruptcy. Though this may only temporarily stop the repossession, it buys the owner time to make other arrangements so he is not left in an unexpected predicament. An experienced bankruptcy attorney can help walk a vehicle owner through the necessary steps, and aid them get on the road to a new financial start.
Source: NBC 6 Omaha, "Car Owner Allegedly Pulls Gun On Repo Man," Jun. 27, 2013