If you have purchased an airplane with financing, then you might have always thought that you would be able to make your payments without any issues. As with a car or just about anything else that you purchase with a secured loan, however, you do have to worry about your airplane being repossessed if you fall behind on your payments. If you have found yourself in this situation, then you might be thinking about hiring a lawyer. This is a good idea for many people in this scenario, and you can have the best possible experience during this difficult time by following these tips when hiring a lawyer to help you with this.
Hire a Lawyer Early in the Process
First of all, the sooner that you hire an airplane repo lawyer, the better. After all, if your airplane has not been repossessed, it might be easier for you to do something about the situation now. If you wait until after the repossession, you might have to pay repossession fees, and it might be harder for you to get your plane back. As soon as you know that you are behind on your payments or will be falling behind on your payments, or as soon as you have been notified by the lender that you are facing repossession, you should contact an airplane repo lawyer to help you out.
Make Sure They Have Experience With Airplane Repossessions
You might already have a good lawyer who you turn to when you need help with other matters. However, you might not really know who you should contact to help you with this particular situation. Even if you have to hire a lawyer from another city, you'll need to specifically look for someone who has experience with airplane repossessions.
Consider All of Your Different Options
Your lawyer might present you with a few different options for preventing your airplane from being repossessed. They might be able to work with your lender to work out a modification of your loan, or they might be able to have some of your payments deferred until you can get back on track. They might even talk to you about things like voluntarily turning in the airplane and purchasing a cheaper one that you can better afford, or they might suggest that you file bankruptcy. It's a good idea to talk to your lawyer about all of these different options and to consider each of them. Then, you can hopefully find an option that will work well for you financially and that will hopefully allow you to keep your airplane.
For more information, contact an airplane repo attorney near you.