Posts Tagged: repossession sale

If the creditor feels that the money owed is more than the goods would bring at sale, or that the debtor has the means to pay, they may opt to file suit rather than repossess the goods. An unsecured creditor (one that does not have collateral securing the payment of the loan) would file suit

After repossession, goods are usually sold to satisfy the debt. The creditor must give the debtor written notice of the time and place of the sale. The debtor can then pay the amount owed, find a buyer to purchase it, or be present at the sale to bid. The goods must be sold at a