Legal Question in Credit and Debt Law in Wisconsin

Reprosession of Vehicle--Duty to Stay in Touch with Lender?

I could not advise you in this matter without representing you. However, WI does have a law prohibiting concealment or transfer of secured property without the lender's permission, wich is somewhat akin to theft. This is true because granting a lien upon anything creates conditional ownership by the lender. The borrower's abilitly to retain the property is conditioned upon compliance with any notes or security agreement which are in place with the bank. Upon breach, the bank has the right to remove the borrowers interest and take possession of the vehicle for purposes of applying its value to the debt. (Repossesion will rarely yield enough money to pay the debt in full and the bank will also generally sue afterward for any deficiency.) My guess is that it will not be easy to hide from the bank in any event, since registration of the vehicle will make its location available to the bank via many public databases. Of course, if you are still making payments, it is impossible not to stay in touch with them. Even if a borrower is in default, however, it is sometimes possible to retain a vehicle via a chapter 13 bankruptcy, which allows a sort of "refinance" of the vehicle over five years, provided that you have sufficient income to pay for it. You are in dire need of legal advice from your own attorney.