Legal Question in Credit and Debt Law in Wisconsin

The answer is "sometimes," depending upon how the creditor chooses to proceed and whether or not you fight the lawsuits or repossession (replevin) efforts against your vehicle. (Vehicle repossessions in WI can now sometimes occur out of court iif your promissory note permits it, but those can often be contested as well if you promptly obtain legal advice.) Occasionally, creditors may choose to pursue certain assets only and ignore others, depending upon their value, but generally speaking, the concept of listing items as collateral for a loan means that you agree to give them up to the creditor if you fail to pay as promised. A lawyer who is familiar with bankruptcy law can often detect defenses of which you may not be aware and which may be available to you to stop repossession efforts or allow you to retain the items by paying the creditor only the current market liquidation value of the items. You therefore owe it to yourself to discuss your case with an experienced lawyer before the problem becomes an emergency for you and before time limits expire. These time limits can sometimes be as little as 15 days from the date of a demand letter from the bank. My comments in this public web forum are intended for public educational purposes only and are not legal advice, nor do they create an attorney client relationship between us. However, you are welcome to subsequently retain me and revisit these issues, at which time I would be happy to provide you with real legal advice.