I bought a four wheeler in 2006 on a credit card. I lost my job and was trying to work with the company but then just refused to meat there demands and nothing has been done since up until now. A guy shows up with a rollback trying to take it he should no documentation and then said that i would be charged with felony conversion if i did not hand it over.
Something doesn't compute here. Usually when you buy an expensive piece of equipment there's secured financing, which generally includes a default and acceleration clause that says if you stop paying the whole debt becomes due and they can repossess the collateral. What I think you're saying is that you put the whole thing on a credit card, so the company that sold you the four-wheeler isn't involved. So I'm mystified, because credit cards are usually unsecured, meaning there's no collateral involved. Am I understanding you correctly? What am I missing? Who is this guy that asserts the right to repossess this thing and who is threatening you?
If the debt was unsecured, then the creditor has no right to repossess the four wheeler. If someone is threatening to take it anyway, try to keep it in a garage and talk to a local attorney about legal actions you could take to protect your property. In this circumstance, you cannot be charged with conversion. If you are not sure whether the vehicle is collateral for the debt, you may want to send a "qualified written request" to the creditor demanding that they provide supporting documentation to show they have a secured interest in the vehicle. The qualified written request would legally obligate them to provide the requested information within a specified period of time.
If the debt was secured by the four wheeler and you have defaulted on the payments, then you need to talk to a bankruptcy attorney about how to legally avoid the repossession of the vehicle. Time is of the essence because the rightful lienholder can repossess. In this circumstance where the creditor has a valid lien on the vehicle, you would commit conversion if you sell or give away the vehicle or otherwise intentionally dispose of the value of the vehicle to frustrate the creditor's interest (destroy it, disassemble it, etc.). You need to maintain it in good condition so that if the creditor can get its hands on it, they could resell it for as close to its current market value as possible.
This is intended to be general information and it may not apply to your circumstances. Seek a free consultation with a bankruptcy attorney soon.
You would be very well served to speak with a local bankruptcy or debt defense lawyer. Not only to determine what your rights are regarding protecting your property, but whether or not there is an opportunity to sue for unfair debt collection or other unfair trade practices. The consultation is oftentimes free.
I'm a <a href="http://www.eastwakebankruptcy.com">North Carolina bankruptcy attorney</a>, licensed to practice law in NC only and concentrating in the areas of bankruptcy and consumer debt law. This post does not create an attorney-client relationship, and is for general information only.
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