Clermont Boat and Car Repossession

If you are behind on your car, motorcycle or boat payment, don't hide from it. In Florida, once a vehicle has been taken by a lender, it's gone. You could also find yourself still on the hook for a significant part of the loan.

I'm Joel Gross, a bankruptcy lawyer in Clermont, Florida. If you have had your car, boat or motorcycle repossessed, or are behind on your payments, I offer a free initial consultation to evaluate your situation and discuss your options.

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When Can a Lender Repossess My Property?

If you have a loan on a car, boat or motorcycle, the loan is secured by the vehicle. That means the lender can repossess the vehicle at any time if you are behind on the payments — even if you are late by only a few days.

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How Do I Stop a Repossession?

If you are behind on your vehicle payments, you can prevent repossession by filing bankruptcy. When you file bankruptcy, your creditors must stop all attempts to collect debts, including repossessing your vehicle.

When you file bankruptcy, you can also reduce the amount of the outstanding loan to the vehicle's current value, which may be significantly less than what you owe.

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Can I Get My Property Back if It Has Already Been Repossessed?

In Florida, once a vehicle has been taken, you can't force the creditor to give it back.

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Am I Still Responsible for the Loan After My Car Has Been Taken?

When a lender repossesses your vehicle, it will sell the vehicle at auction to pay off the loan. However, you will still be responsible for the difference between what they sold the vehicle for and what you owe on the loan. However, you can discharge any unpaid loan balance by filing bankruptcy.

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