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When you buy something on credit, or get a loan, the person or business you owe the money to be called the “creditor.” Often when you buy on credit, or get a loan to buy something, you will sign an agreement giving the creditor the right to take the item back if you miss payments. Or you may have used your current household goods to secure a loan, giving the creditor the right to take your household goods if you miss payments on the new item. The property that can be taken is called “collateral.” When you creditor takes the goods back it is called “repossession.”
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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