Individuals who are in danger of going bankrupt also face the possibility of experiencing repossession. Repossession occurs when an individual is unable to repay a loan secured by property.
The thought of repossession is troubling and frightening. If you are in danger of facing repossession, you should contact your creditors immediately in order to attempt to establish an effective repayment plan. If this fails, it may be beneficial to consider speaking with a bankruptcy attorney.