If you find yourself overwhelmed by debt, chances are that you are also dealing with phone calls from creditors and dealing with threats of certain collection actions, including repossession. You may be wondering if an Ohio creditor can actually take your vehicle, and the answer is yes, that is possible. This may seem like a violation, but you would be wise to know your options and your rights as a consumer, as well as how to make the repossession process stop.
Repossession is the process of reclaiming property when the person who financed that property defaults on the loan. While repossession most often involves vehicles, this can also happen to other types of financed property. If you are receiving threats of this type of action, bankruptcy could offer you a way to make this process stop, at least temporarily.