Posted on: 27 May 2022Share
When economic factors beyond your control have left you short of money, you might risk losing important assets on which you rely. You especially might face having some assets, such as your private airplane, repossessed because you are late on payments on it.
However, you can also advocate for yourself and take meaningful steps to keep it from being taken away from you. Your first step can involve hiring an experienced local airplane repo attorney to take your case.
Avoiding Monetary Losses
When you have an airplane repo attorney on retainer, you may avoid losing money that can further sink your business. In fact, you may rely on your private airplane for business purposes. You might use it to deliver products and services to clients throughout the country. You also may use it for traveling to meet with vendors and clientele.
If your plane were to be repossessed, your business might lose a significant amount of money from the loss of revenue and profits. Your airplane repo attorney might be able to negotiate with the financier of the plane and allow you to keep it.
Your airplane repo attorney might also be able to renegotiate the terms of your financing on the plane. You might be able to secure lower payments each month for it. Your late payments might also be dropped and added to the end of your bill, allowing you to stay current on your loan and avoid taking a hard hit on your credit rating.
Your airplane repo attorney may also secure a lower interest rate on your loan. You may be able to put more money toward the principal amount of the loan rather than pay off primarily interest each month.
Using Legal Loopholes
Finally, your airplane repo attorney might know of legal loopholes you can use to hold off the repossession of your private plane. You may explain to the creditor why you were late on payments. You can also explain what steps you can use to get caught back up on your loan. These loopholes may allow you to keep the plane and give you a chance to get current with what you owe.
Your airplane repo attorney can serve a vital purpose when you are facing losing your plane. You may avoid serious money losses that come from having the plane repossessed. Your lawyer may also renegotiate your financing or find legal loopholes that let you keep your plane while working to get current with your loan.