If your borrower defaulted on a secured loan and initial collection efforts have failed, you may be wondering about your rights. The collateral recovery attorneys at Weltman are educated on the unique laws that vary state-to-state, and will initiate a timely action to protect your interest in the property. Whether your goal is to take possession of the property from your borrower or a third party, we are your single point of contact for all your recovery needs.
Our attorneys have the knowledge and skills to successfully replevin a vehicle anywhere in the country. If your property is at a high risk of being damaged or destroyed, we’ll help you weigh the pros and cons of utilizing a replevin action – including in emergency situations.
If a security interest has not been properly perfected, the vehicle has been police impounded, or a third party has possession, our team will intervene on your behalf to perfect the lien and recover your collateral. Wherever you, your borrower, or the collateral is located, we’ve got you covered.
After a repossession has taken place and collection efforts resume, we can easily move the file back to our in-house collection team to initiate post-judgment activities or legal action to recover any remaining deficiency balance.
When a borrower of a secured loan files for bankruptcy, immediate legal action is required. Our team will work directly with your borrower to either reaffirm the debt, redeem (buy back) the collateral, or obtain relief from stay to recover the vehicle. We work hand-in-hand with our bankruptcy team to ensure your case is covered every step of the way.