What Repossession Laws Must Be Followed In Illinois?

Getting into debt can quickly turn into a nightmare

. Creditors are harassing you day and night, wage garnishments are appearing on your check, and the threat of repossession has been brought into the ring.

What is involved in car repossession? If you default on your car loan with late or missing payments, your lender most likely has the power to take the car back. Even though your lender may not immediately repossess your car after one missed or late payment, it is important to recognize that they do have the right to do so.

Missouri and Illinois differ a bit in their laws regarding car repossession. In Illinois, a lender can repossess your car without telling you beforehand or getting a court order. The only requirement is that your written contract includes a clause that allows the lender to repossess if you don't pay.

So, just like that your car can be gone. Still, even though we know what the Illinois car repossession laws are, your natural reaction to a repo man taking your car would probably be, "Hey! You can't do that!" But can he?

These are some examples of situations where the repossession is unlawful: - You have made all payments on time and are not in default in any way. - The agreement with your lender does not include repossession as a possible consequence of default. - The lender does not have a valid note on the carand therefore, no legitimate claim. - The repo man makes threats or damages your car in order to take it.

Naturally, most of the people doing repossession and lenders know the rules well enough not to break them. That isn't to say that they don't break them but you must still realize that if your car is in danger of repossession, you can't bank on a breach of the rules to get it back.

There is a way to get your car back after repossession even if no rules have been broken. Bankruptcy can help you get your car back and get in control of your auto loan debt. Keep in mind, though, you only have a limited amount of time to act once the car has been taken.

The power to keep your car is in your hands. Remember, doing nothing changes nothing. If you want to hold on to your vehicle and get out from under your debt, it is time to start researching your options.

by: Jim Brown

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