LawSmart.com

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.

Other Alaska Collections-Creditors Rights FAQs

Q: Can A Creditor Take Legal Action?
A: Creditors can take several kinds of legal action against you. These options are often written into the sales contract.
Q: What is acceleration?
A: Many contracts for debts contain "acceleration" clauses. This clause gives a creditor the right to "accelerate" the repayment when a payment … More
Q: Can a creditor garnish a debtor's wages?
A: Yes, wage garnishment is a court order that requires an employer to withhold part of an employee's wages and submit that portion to the creditor in order to … More
Q: Can There Be A Negotiation Between Creditor And Debtor?
A: Yes. Reduce monthly payments Refinancing a loan Deferring a payment for a short time Reducing or dropping late charges Paying interest only on the loan until you can … More

Collections-Creditors Rights Sub-categories

Chex Systems
Collections
Creditor Remedies in Bankruptcy
Debt Collections
Enforcement of Judgments
Fair Credit Reporting Act
Fair Debt Collection Practices Act

Identity Theft
Judicial Remedies
Mortgage Foreclosure
Non-Judicial Remedies
Secured Transactions
Types of Creditors