When financial challenges hit, New Jersey residents often question how the situation might affect their life and the belongings they currently have. While it is very common to seek asset protection of the individual's home when debt becomes an issue in their life, debtors may also seek to keep their automobile. Automobile repossession is a possibility for those unable to meet their financial responsibilities. There are various ways a debtor could address this type of asset forfeiture and could even take steps to avoid or stop repossession.
Because vehicles are often highly relied on by their owner, those at risk for losing their automobile should understand the process they could face. Furthermore, if the debtor seeks debt relief, they might have options to stop any repossession against them.