Legal Question in Bankruptcy in Arkansas

Did the repossession occur in 2002?

A repossession is deemed a breach of contract and the statute of limitations in most jurisdictions for a breach of contract is six years.

If the repossession occurred in 2002, you can provide your bank with the papers to prove that the repossession occurred in 2002.

If the creditor claims that you still owe money that was due after the repossession and sale contact the creditor and work out a payment plan. Ask for proof of the money owed.

Thereafter, contact your bank and provide proof of the payment arrangement and request that the hold on your account be removed.

However, if you do not owe anything on the repossession, contact the creditor, dispute the transaction in writing and provide your bank with proof of the dispute and proof that you owe nothing on the repossession.