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Many securedcreditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. Self-Help Repossession. Self-help asset recovery is more commonly known as repossession. 2d 752 (Fla.
Foreclosures in Florida are judicial, meaning the securedcreditor must file a lawsuit. If the lender receives a foreclosure judgment from the court, the real property, including the mobile home, will be sold at public auction. What To Do If The Mobile Home is Not Retired.
To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. How your debt is handled in bankruptcy will depend on which type you file.
Secured lenders are the lenders with liens against the real estate, equipment, accounts, or other property of the business. These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. These creditors are not of equal importance.
A court judgment that states that a person is not required to pay back some debts is given to those who abide by the bankruptcy laws and are granted a discharge. This type of bankruptcy does not stop securedcreditors from seizing your property, so if you have money to pay the debt, this isn’t the best option to take.
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