I am a licensed auto dealer in Oregon . I have have a flooring line with a company names DISC . today they repossessed one of my units I am using as a demo . The vehicle was taken from the parking lot of another company I am part owner in . My account has fallen behind due to some banking issues and have been proactive with the Flooring company so we can get my account current . There have been several inconsistencies in their correspondence through this and I went to testing and email as much as possible so I have a paper trail of the communications . A couple of the misleading communications are : 1 ) no notice they were going to repossess this vehicle written or verbal 2 ) they are holding three of my vehicles I own outright as collateral even after they said they do not take collateral .
Debt Collection Attorney
The answer to your question will be determined by the contracts you signed. You should immediately consult with an attorney who handles business bankruptcy. S/he will either be able to assist you in a "workout" or handle a chapter 11 reorganization bankruptcy. Good luck.
The answer given is for informational purposes only and does not constitute legal advice. Dwight Bowen is a bankruptcy and consumer attorney and may be contacted at (404) 880-3310.
Family Law Attorney
In addition to, to as an alternative to, Mr. Bowen's suggestion, I would suggest that you consult with a general business attorney. While Chap. 11 Bankruptcy may be appropriate to consider, you may very well have other claims available immediately.
One step that you might consider immediately is a written communication to all parties involved which states that any and all actions taken are under protest and that they should maintain status quo until the courts can sort this out. Of course, it is better if this letter comes on the letterhead of your attorney.
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The answer depends on the security agreement and contract you signed. You were probably in default. However, the question is whether they complied with the security agreement. Also.,did they do a proper sale of the collateral after forclosure. Another issue is whether they have satified the debt based on their holding other vehicles as collateral. These are fact specific cases.