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Repossession A secured party may take possession of secured collateral after default by self-help or by the judicial process. Self-help is only permitted if it can be done without a “breach of the peace” (i.e., an offense against public order by causing an unnecessary disturbance of the peace). Additionally, a secured creditor has certain options and obligations before they can sell, lease or otherwise dispose of any or all of the collateral. Furthermore, Vermont's Uniform Commercial Code (U.C.C.) requires that a secured party use reasonable care in the custody and preservation of seized collateral, which includes preservation of rights pertaining to third-parties. A secured creditor is subject to severe consequences if he/she/it fails to comply with Article 9 provisions with respect to administration. The consequences can include the inability to collect any deficiency, and, in some instances, actual and punitive damages. Our office can ensure that the repossession action goes as smoothly as possible, and can assist the secured party in correcting any reversible mistakes early, when the damage can be more effectively corrected or minimized. If you are about to lose your truck, car, motorcycle, boat, or other secured property to repossession, it is important to know that you have many options. We can provide you with a straightforward consultation with an attorney with extensive repossession experience. This consultation will disclose the many considerations and facets of the repossession process, will effectively explain the process and your available options, and will help you make appropriate decisions. John J. Balkunas, Jr., Esq. has over 15 years of experience providing representation to banks, credit unions, and individuals with respect to collecting unsecured and secured debts, as well as extensive knowledge and familiarity with bankruptcy law. If you or your business has the need for repossession services, contact our office to schedule a free initial consultation to discuss the legal options and what our office may be able to do for you. For more information on our firm please contact us. |
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