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You may enjoy driving it and may have no idea Johnny owes the IRS. Even so, the IRS can repossess it.
FORBES: Beware Liability For Other's Taxes
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But that's not easy with a big bank seeking to repossess his modest, three-bedroom townhome in Miami -- and two law firms to deal with.
CNN: Are some law firms cutting corners on foreclosures?
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On Monday, ILFC said that it has been able to repossess an A321 aircraft from India after a favorable decision last week by the Delhi High Court.
WSJ: Regulator De-Registers 17 Kingfisher Jets
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Leasing companies had raised concerns about their inability to repossess the planes, saying it would hurt future plans by airlines in India to take planes on lease.
WSJ: Regulator De-Registers 17 Kingfisher Jets
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At one point Degas was said to have ripped a patron's Degas painting off the wall and attempted to repossess it when he found that the man had changed the Degas frame.
FORBES: Magazine Article
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But if the carrier offers, say, 25 cents on the dollar, aircraft lessors like GE Capital (which owns 20 United planes) may just repossess and try to redeploy the jets to overseas carriers.
FORBES: Deathwatch
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We also know that 2, 180 homes every day are getting a padlock on the front door, because the sheriff or the marshal has to take it, repossess it because it's the last stage of the foreclosure process.
CNN: Transcript of May 'CNN Money Summit: Money & Main St.'
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Lenders may then repossess in any case.
BBC: Repossession figures ignore many in trouble
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Plaid Cymru warned that people simply weren't prepared for the changes to council tax benefits in April, and warned of the danger of bailiffs being called in to repossess assets of those unable to pay their council tax contributions.
BBC: Debate on the local government settlement
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In some cases, wealthy deadbeats have gotten a reprieve because lenders have taken longer to begin the foreclosure process, reticent to repossess a property that will require more money and time to sell and be more expensive to maintain in the meantime.
FORBES: Foreclosure Woes Of The Rich And Famous