While lawyers and judges are the ultimate legal experts, of course, I believe that every citizen should take the time to learn a little about law for several reasons. First, it is important to know your rights, and knowing them can come in handy if anyone ever accuses you of a crime you didn't commit or threatens you legally in another other way. Second, learning about your local, state, and federal laws can help you act as a better citizen. When election time comes around, you can then truly understand ever change in law being proposed by a candidate and whether it benefits society or not. I plan to share posts about law topics explained in plain English on my new blog, so you can come back often to sharpen your legal knowledge!
If you have financed or leased an airplane, then you might know that a repossession could be possible if you don't make your payments like you are supposed to or if you otherwise violate your lease contract. If you think that your plane is going to be repossessed, now is the time to get on the phone with an airplane repo attorney. If you're wondering why you should do this before your plane ever gets repoed, consider these reasons.
It Can Take a While to Find a Lawyer
With certain areas of law -- such as criminal defense law or personal injury law -- it isn't too hard to find a lawyer who can help you with your case. After all, there are a lot of these lawyers in just about any city or town. Airplane repossession law isn't quite as common, simply because there aren't nearly as many people out there who own or lease planes. Therefore, it might take you a little more time to find the right lawyer to represent you. Because of this, it's a good idea to start looking for a lawyer to help you as soon as you know there is a problem.
You Might Stand to Lose a Lot of Money
You might have spent a significant amount of money on purchasing and upgrading the plane that you own. Losing it to repossession could be financially crippling and is probably something you will want to avoid. You can protect yourself and the money that you have already invested by hiring an airplane repossession lawyer to help you prevent a repo from happening in the first place.
You May Rely on Your Aircraft
Depending on the type of aircraft that you have, you might rely on your aircraft to run your business. If it gets repossessed, then your business could be seriously impacted. If a lawyer can help you prevent repossession in the first place, then you may be able to maintain possession of the airplane that you rely on.
It's Easier and Cheaper to Take Action Beforehand
You might know that you are at risk of having your airplane repossessed, but you might not be ready to hire a lawyer just yet. After all, you might just be planning on waiting and hiring a lawyer when a repossession has actually taken place. However, this usually isn't the best thing to do. The costs of repossessing an airplane can be extremely expensive, and even if you are able to get your plane back after a repo, you will probably be required to pay these costs. You will probably find that hiring a lawyer beforehand will save you quite a bit of money in repossession fees.