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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.

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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified creditors rights lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local creditors rights attorney to discuss your specific legal situation.

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