Legal Question in Bankruptcy in Kentucky

repposession laws

I am in the trucking business,i have 2 trucks that are 3 months behind, i have tried working with the finance company, they refuse to work with me, They sent a repo man out here 2 days ago. I ran the repo man off and now they want to file a judment to take possesion, I have told the finance compay if they will let me continue to make monthly payments and just stay behind like i have done all year long, I WILL get the payments caught up by march..,i have a customer who has been paying me late which i stopped doing business with them.the new people im doing business with are paying timely and like i told them by march i will be caught up, They refuse to work with me and are filing judment to take the trucks, What can i do to keep them from taking the trucks? can i file bancruptcy? can i be protected until we go befroe a judge?ANd if i can stop the judmentment? They want FULL payment on both trucks which is about $70,000. noway i can do it. Anyway what can i do to keep them from taking the trucks through what they are calling a rid of replevin ? if i even spelled that correctly? without the revenue these 2 will bring i will have no choice but to file for total bancruptcy,,


Asked on 12/30/05, 4:17 pm

1 Answer from Attorneys
E. Brian Davis Davis Law Office

Re: repossession laws

If you are in default, as it appears that you are, the secured lender is allowed to repossess the collateral WITHOUT breaching the peace or the lender can sue for a court order requiring you to turn the collateral over.

You may well be able to file a bankruptcy to halt collection activity. A definitive answer would require more information, but if you have the ability to make the regular monthly payments, and catch up what you are behind over a short period of time, then a bankruptcy may well work for you.

The bad news is that bankruptcy filings are expensive, in filing fees, legal fees, etc.

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Answered on 12/30/05, 4:48 pm


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