If you own a plane, and you're behind in your payments, you may have gotten several warnings from your lender. You may think they're ready to repossess the plane, or they've told you as much. If so, then you should contact an attorney, especially one experienced with the repossession of planes. The following are a few things they may be able to do for you.
An attorney can take advantage of a motivated lender
It is expensive trying to repossess an airplane, and the process is complex. The plane may not be easy to access, and the plane will require an experienced pilot with a particular make and model. There's also the issue of cooperation with other people at the airport where the plane is stored. Because of these and other issues of repossessing an aircraft, lenders are usually motivated to negotiate, but only with the right person. An attorney will be able to contact the right people at a lending company, and it is likely a lender will listen to a lawyer's proposal.
An attorney may be able to negotiate new terms for the loan
The lender may be willing to change the terms of the loan, especially if you're using your plane to make a living. If by repossessing your plane, you will never pay back the loan, then it will be auctioned off. The lender may lose money, given all the overhead related to the repossession and the auction fees. You may not get favorable terms. Maybe the payments that you missed me can be tacked on to the end of the loan, or there may be other possibilities, but an experienced attorney may be able to negotiate for you.
An attorney can stall for time
It is possible that the lender is not willing to negotiate anything. Perhaps the repossession has gone beyond the point of no return, but an attorney may be able to slow down the process of repossession. Stall tactics by an attorney may give you a little time. This may give you a chance to find the money elsewhere. Perhaps you can sell off an asset that will solve your loan problem, but you need more time. By hiring an attorney, a repossession company may find they need a court order to access the plane or to get access to repair and maintenance logs that will be needed for a new buyer of the airplane.
If your plane is about to be repossessed, or you suspect that it could be in the near future, you need to contact an attorney. They may be able to negotiate with the lender on your behalf. It may be possible to negotiate new terms to prevent a repossession. If nothing can be done in that area, an attorney can often slow down the process, giving you time to solve the problem yourself.
To learn more, consult with an airplane repo attorney.