Could you be a victim of a solar panel scam?

widget 1

No Cost
Legal Review

What Does Collateral Mean?

In lending agreements, collateral is a borrower's pledge of specific property to a lender to secure repayment of a loan. The collateral serves as protection for a lender against a borrower's failing to pay the principal and interest under terms of the loan agreement. When a bank or credit union makes a loan for a car, truck, or motorcycle, they have a security interest in the vehicle. This gives them the right to take back, or repossess, the vehicle if a payment is late. 

Although the borrower may have fallen behind on payments, there are consumer protection laws that the lender must follow when repossessing a vehicle. Flitter Milz is knowledgeable in the laws that protect borrowers from a wrongful repossession and will evaluate whether the lender handled your repossession properly.  

Contact us for a free legal review.

Law Faculty
  • Temple University Law
  • Widener University | Delaware Law School
Bar Associations
  • Montgomery Bar Association
  • NYSBA
  • New Jersey State Bar Association
  • Pennsylvania Bar Association
Awards & Associations
  • Pennsylvania Legal Aid Network
  • Super Lawyers Since 2005
  • National Association of Consumer Advocates
  • Trial Lawyer's College