Difficulty: Moderately Easy
Things You’ll Need:
Step1
Consult an attorney. Every state has their own unique laws which determines what property is exempt from repossessoin. Your attorney will assist you in navigating through them.
Step2
Contact the Attorney General’s office in your state. They will be able to tell you what property can be repossessed.
Step3
Find out if you qualify for a hardship discharge. Typical reasons for allowing a discharge include death, permanent total disability, temporary total disability, rehabilitation for a disability, economic hardship, being a parent with a young child, being a full-time student and military service.
Step4
Gather all documentation showing your necessary monthly expenses and gross income.
Step5
Contact the creditor by letter or phone and plead your case. Be upfront and honest about your ability to set up a payment plan based on the amount you determine you can afford.
Step6
If you are not able to reach an agreement, try contacting a credit or debt counseling service. They will assist you in your financial planning and are often able to work out an arrangement with the creditor.