Definition: Repossessions is a legal process in which a property owner can recover possession of their property from a creditor or other party who has become insolvent, unable to pay back the amount owed. In this context, the term "repossessions" refers to any action that allows the property owner to reclaim ownership of their property. Repossession is often used in bankruptcy cases and other legal proceedings where a debtor's assets are insufficient to satisfy their debts. It can also be used as part of a