If you own one or more airplanes, there is a good chance that you used financing to pay for them. If this is the case, there is always the possibility of your airplane being repossessed if something goes wrong. This commonly happens when people fall behind on their payments, although it can also happen for other reasons, such as if you allow your insurance to lapse. Airplane repo attorneys do exist and help airplane owners with repossessions. If you think you might need to hire one of these attorneys, these are some of the things that you will want to know.
Understand Why You Should Hire an Airplane Repo Attorney
First, you should understand why you should hire an airplane repo attorney. You might rely on your airplane to run your business, or you might use it for personal travel or pleasure. Either way, you probably don't want to lose your airplane. If the repossession process goes too far and you don't take action with the help of an attorney, you could face immense fees to get your airplane back, or you might not be able to get it back. Hiring an airplane repo attorney can help you avoid losing your airplane in the first place or could save you a lot of money in repossession fees. Therefore, if you think you are at risk of losing your airplane, you should definitely consider seeking these legal services.
Don't Wait Too Long
If your airplane has not been repossessed yet, this doesn't mean that you shouldn't reach out to an attorney if you think you are in danger of repossession sometime soon. In fact, as soon as you realize a repossession might occur, you should hire a lawyer as soon as you can. They might be able to help you prevent repossession from happening in the first place. For example, they can help you with setting up a payment plan for getting caught up on your payments, or they can assist you with showing proof that your plane is now properly insured.
Realize It Might Not Be Too Late
Even though it's ideal for you to hire an airplane repo lawyer as soon as possible, don't assume there isn't anything you can do if your plane has already been repossessed. A lawyer might be able to help you get your plane back, depending on the state you're in and your situation. Many offer free consultations, so it doesn't hurt to reach out to a lawyer to see if it's too late for them to assist you.
For more info, contact a local airplane repo attorney.Share