If you are behind on payments for your private plane, the lender may be threatening to repossess the airplane. The process of repossessing a plane is very different from the process of repossessing a vehicle, and as such, you may be unsure of what the laws are and what your rights are. This is where an airplane repo attorney can come help. An airplane repo attorney can help you in a number of different ways if you are behind on your private jet payments. Read on to learn why you should hire an attorney and how they can help you.
An Airplane Repo Attorney Can Ensure All Laws Are Followed in Regard to the Repossession
If you are behind on the payments for your private jet, certain forms need to be mailed to you. These forms need to let you know how far behind you are, how you can remedy the solution, and inform you that the lender plans on repossessing your plane. An airplane repo attorney can ensure the right forms are mailed to you, otherwise, any repossession attempt may be illegal.
An Airplane Repo Attorney Can Help Negotiate Payment Terms
If you are behind on payments, an attorney can help you to renegotiate payment terms with the lender, which may help you to keep the plane. This is important if you use your plane for commercial reasons, as losing the plane could impact your livelihood. An attorney knows what the laws are in your state and can help to negotiate the best possible deal.
An Airplane Repo Attorney Can Arrange For You to Surrender the Plane
If you are unable to afford the plane, an airplane repo attorney can help to arrange for you to surrender the plane. Repossessing a plane is expensive, and you can be sued for the repossession cost. An attorney may help you to avoid that by arranging a surrender with the lender. This also gives you time to remove personal property from the plane before it gets repossessed.
People have different things going on in their lives, and the reasons why you may be unable to afford your private plane payments may differ from someone else's. However, an airplane repo attorney can work with the lender to ensure that they are properly handling the repossession, and to renegotiate the payment terms or to help you surrender the plane, depending on your situation. Reach out to an airplane repo attorney today if you are behind on your payments for your private jet.Share
30 November 2022