Repossession agents, commonly known as repo men, are often painted as the bad guys. Their job is to sneak in and take back cars, boats and other assets on behalf of creditors. The reality, of course, is that these are just people who have a job to do. An article from the Washington Post shows that they are not always the bad guys, and in fact there are some who will go out of their way to do the right thing.
When The Repo Man Helps You Pay Off Your Debt
The article tells the story of an elderly couple who fell behind on their car payments - $350 behind, to be precise. The bank contacted a repossession agent to repossess the car. When the agent arrived to get the car, he found a kind elderly couple struggling to make ends meet. But he had a job to do, so he did it.
Then he did something else: He took the car, but instead of returning it he kicked off a quick online fundraising effort and got the money needed not only to get the elderly couple current on their payments, but to get the car an oil change and have it detailed.
Don't Count On It
This is a great story of kindness, but the truth is that most people who fall behind on payments and become overwhelmed by debt are good people. More often than not, they have fallen victim to unexpected circumstances: the loss of a job or a medical problem. They certainly do not want to be in debt. Not everyone can get a break from the repo man, or the repo man wouldn't be in business for much longer.
Do not expect to negotiate with the repossession agent or to try to talk him or her out of taking your property. The agent has a job to do. However, that does not mean that you are out of options. Bankruptcy is a proven method of eliminating debt.
Bankruptcy Stops Repossession
As soon as you file for bankruptcy, an automatic stay goes into place that prevents your creditors from taking any action against you, including repossession. However, many people believe that if they file bankruptcy they will have to give up their assets anyway, including their car or whatever was going to be repossessed. This is not necessarily the case. Thanks to bankruptcy exemptions, few people lose any assets in bankruptcy.
If you are struggling with debt and have been threatened with repossession or even foreclosure, you should speak with an experienced bankruptcy attorney who can educate you about your options for regaining control of your financial situation.