What exactly is repossession?

Repossession is when a creditor has the ability to seize the item you bought or the property you used as collateral for a loan. The creditor usually sells the property and uses the proceeds to satisfy the unpaid debt.  If the sale of the property brings less then the amount owed, the creditor may be able to force the debtor to pay the difference.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

Additional Creditors Rights Articles

Search LawInfo's Creditors Rights Resources