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Title : What Can Be Repoed or Repossessed? Repossession Explained
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What Can Be Repoed or Repossessed? Repossession Explained

Repossession of a vehicle or other personal property is never something anyone plans for. Unfortunately it does happen. The following is a detailed explanation about what can be repossessed when payments are missed.

Repossession is possible when a creditor has a security interest to secure payment of a debt. The most common occurrence of repossession is of vehicles. Foreclosure of a home is also a common instance of repossession. Not as common is when a creditor repossesses something like a refrigerator or television. If you miss payments, the entity that issued the loan has the right to repossess the collateral securing the payment of the debt. Usually, but not always, if you are two or more payments behind, you are at risk to have the collateral repossessed. See Chapter 7 Basics or Chapter 13 Basics for information on how bankruptcy can stop repossession.

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