Repossession of equipment.
November 28th, 2007 by Questions
A private bailiff company has contacted me and advised that they are going to repossess some electronic equipment that was purchased using financing from a company which retained a `purchase money security interest` in the equipment.
To avoid possible embarrassment to my family I want to hand over the equipment to the bailiff rather than have them come home and collect it.
My only worry is that if I hand over the equipment I may have a problem when I declare bankruptcy if the finance company didn`t actually have the legal authority to repossess it.
What would you advise me to do? I`am not contemplating bankruptcy right now but I may be forced to file soon.