Just like with vehicles or even houses where the owner gets too far behind on their payments, an airplane can be repossessed by the lender should you miss too many payments.
Airplane repossession is more complicated than taking your car away, as the repossesser needs to be able to operate the airplane, and often needs the cooperation of the airport or hangar staff. They also need a court order in order to take the plane.
If you are falling behind on your payments for your aircraft, you should contact an airplane repo attorney as soon as possible. Here are some ways they can help.
They Can Help Arrange Re-Payment Plans
If you have gotten notice that you are behind in your aircraft payments, then you should contact an airplane repo attorney as soon as possible. It's better to try to head off any potential repossession before the proceedings begin.
Your lender most likely sent you a notice that you are behind in your payments and they will begin proceedings shortly to repossess the plane should payments not be made and brought up to date. This might be impossible for you, as what you owe may far exceed what you are able to pay at this time.
Your airplane repo attorney can help you negotiate and potentially arrange for you to make re-payment plans at an amount you are more comfortable paying.
They can help arrange a better timetable to make payments and even create an agreement that the plane will stay grounded until such payments are brought up to date.
This can help stop the repossession of your plane from starting and help you make the necessary payments to the lender.
They Understand The Documentation Required
The lender will have proof of any money owing on the aircraft and should present you with these documents before they attempt to repossess the plane. These documents might seem confusing to those not familiar with them, and this is why you should hire an airplane repo attorney to help.
An airplane repo attorney understands the documentation that your lender is required to send you as proof that you not only owe the money stated but they have the right to repossess the plane in the event those payments aren't made.
An attorney has the knowledge of the law and experience to help you understand and navigate through the documentation to help avoid any mistakes in the process. For more information, contact an airplane repo attorney near you.
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