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If you own a private plane, you likely take great pride in your ability to take to the skies. But planes can be expensive and if you are falling behind on your financial obligations, you might be at risk of getting your airplane repossessed. If this is your current situation, it would be to your benefit to look into hiring an airplane repo attorney as soon as possible. Here's what the right attorney can do for you.
Negotiate Payment Options
If your plane is at risk of repossession, the company you owe money to may be willing to work out a deal to help you keep the plane in exchange for you getting caught up on payments in some fashion. Repossessing an airplane can be a complex process because there are a lot of regulations involved. The company you owe money to might decide it is better to negotiate your payment options than to have to move forward with a complex repossession. Your own attorney can help this company come to this conclusion.
Give You More Time By Ensuring Regulations Are Followed
If someone wants to repossess your airplane, they can't just come and take it. The Federal Aviation Administration has guidelines that govern ownership of airplanes and there may also be state laws in play here. Your airplane repo attorney can ensure that all regulations are followed. Your attorney may be able to get the process delayed if it's clear that the company doing the repossession is not doing everything by the book. This could give you more time to meet your financial obligations.
Understand the Documentation
If someone wants to repossess your airplane, you may be served with documentation about the matter. Because airplane repossession can be a complex process, you may have trouble understanding or interpreting these documents on your own. Hiring your own airplane repo attorney can make sure you have a full understanding of what is going on while protecting your rights.
Clean Up Issues With Regulatory Bodies
Every airplane needs to be registered with the FAA and there may also be requirements in your state. You will want to make sure there is no confusion with any regulatory body about who owns your plane. Your attorney can clean up any issues in this regard to ensure everything is documented as it should be.
You may have options for getting caught up on the payments for your private plane. Contact an airplane repo attorney to discuss your situation.
Share28 July 2023
