Legal Question in Bankruptcy in New York

Re: Execution personal property

Get Rid of this debt if Dischargeable.

Fight Back with Bankruptcy.

Free Consultation

New York Bankruptcy Attorney, Bankruptcy Lawyer in Brooklyn New York

Stop Collection Agencies.

Get Rid of dischargeable Credit Card debt, IRS taxes,and other debts.

I will provide you with personal attention to your individual situation.

http://www.silverbankruptcy.com

Jacob Silver

Attorney At Law

26 Court Street

Suite 2511

Brooklyn, NY 11242

[email protected]

http://www.silverbankruptcy.com

Re: Execution personal property

I'd have to know the exact wording of the document to know what is at risk from this execution order.

Generally, though, this is the path these things follow. First, a customer applies for a loan that will be secured by the particular piece of personal property that the customer is borrowing the money to purchase (a car loan is a familiar example). The customer and the lender sign a pile of papers that no one ever reads but that say that the creditor is acknowledged to be a "purchase-money creditor" and that Creditor has the irrevocable right to repossess the property that secures the loan in the event that the customer doesn't pay the loan as agreed (or "defaults"). Creditor then sends customer a coupon book or regular monthly bills, and the monthly payments begin. The paperwork signed by all sits quietly in Creditor's drawer.

Customer -- now "Debtor" -- then suffers some sort of setback: a lost job, a health problem, whatever, and gets behind on the payments. A month goes by, and a gentle letter comes from Creditor. Two months, the letter is a little less gentle. Three, four, five months, and Creditor is losing patience, as reflected in Creditor's letters. Finally, Creditor can't take it any more and files for a judgment under the contract (that up til now has sat quietly in Creditor's drawer). That judgment allows Creditor to take back -- "repossess" -- the property that Debtor borrowed the money to purchase. Generally, though, that property that secures the debt is the only property that can be affected by the judgment (your car lender generally cannot repossess your couch or refrigerator). Marshals come and take the property that secured the loan, and Creditor auctions it off and sticks Debtor with the bill for the difference between the sale price and what Debtor still owes on the loan.

It's a nasty place to be, and it is one that a lawyer can help you get through. Contact one near you to help you with this situation; the lawyer should practice in the areas of "debtor/creditor: and/or "bankruptcy." If you cannot afford an attorney, the Legal Aid Society has offices in every county in New York State. They are in business to help people who cannot otherwise afford to access the legal system, and they provide excellent legal help at reduced or no cost to the client.

Good luck.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.