Category: Illinois | Repossession - page 2

Facing the threat of repossession can be a stressful experience, especially when you're not fully aware of your rights and the laws surrounding the process. Here in Illinois, we've observed an uptick in the number of repossessions, corresponding with the escalating delinquency rates. As a bankruptcy attorney at DebtStoppers, I aim to empower individuals with the necessary knowledge about Illinois' repossession laws to help them navigate their financial challenges........

Repossession is the process through which the lender, bank, or other creditor reclaims possession of an automobile from a borrower who has defaulted on their loan. Repossession is legal because the contracts for most auto loans provide that the vehicle being purchased will serve as collateral to ensure the buyer fulfills their end of the agreement. This means that under Illinois law, a lender can take back your…

Illinois law states the repossession of a car or truck is illegal if the consumer is not actually in default on the loan or if the creditor doesn’t have a valid security interest in the vehicle. But a valid repossession can become illegal if the repossessor used tactics that “breach the peace” when seizing the…

If you’re anything like millions of Americans, your car is one of your most loyal companions. You rely on your car, truck or SUV to get you to work, to school, or wherever it is you need to go each and every day. But what if your vehicle – and your freedom – were taken…

For most people, having a car is a necessity, not a luxury. We use our cars for work, to transport our children to school and to run other important errands. Without a car our already complicated lives become even less manageable. If you fall behind on your car payments, your lender can repossesses its collateral,…