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3 min read Published March 07, 2023
Writen by Mia Taylor Written by Contributing Writer
Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing concise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
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If you’re in debt or have to pay for bills, bankruptcy may seem like a good way to access cash quickly. But what if your money problems become unmanageable, and you resort to filing bankruptcy to clear up mounting obligations. How will the vehicle you pledged as collateral for that car title loan? Based on the option you choose to take action, it might be possible to include your title loan in a bankruptcy filing and get the loan be discharged or restructured in order to make payments more manageable. You could also lose your vehicle if are unable to meet loan repayment conditions. Title loans as well as Chapter 7 bankruptcy Chapter 7 bankruptcy is often referred to as liquidation. As part of Chapter 7 filing, unsecured debts can be discharged. This includes credit card debt, medical debt, personal loans as well as promissory notes. As part of the process, your nonexempt property will be sold, and the proceeds are used to repay the creditors. A title loan however, is not an unsecure loan; it’s an unsecured debt . When you borrow money through a car title loan, you sign over your vehicle to the lender as security for the loan. In simple terms you have signed your pink slip the car in exchange for a sum of money. Because it’s a secured loan, a title loan can’t be discharged under Chapter 7 bankruptcy. «Although the laws of each state differ however, generally all secured loans remain in the same position,» says Michael Sullivan who was a former personal financial consultant with Take Charge America, a nonprofit credit and financial counseling firm. Since the loan remains in force, you’ll require to repay it in its totality or negotiate a manageable payment arrangement together with the lender who owns the title loan. If neither option is available, you can also choose to . There are situations where the courts permit titles loans to be dealt with in Chapter 7 proceedings, says Lamar Hawkins, a bankruptcy attorney at Guidant Law and member of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission. «The bankruptcy court does not like loans that are predatory and title loans are often considered to be predatory,» says Hawkins, noting that in certain cases the court will «rewrite the loan at a market rate based upon the value of the vehicle and also have the lender receive installments over time, so that the borrower will be able to keep the vehicle as a means of transportation.» Tips for banks
Be sure to keep making the payments before the time the bankruptcy case is closed to prevent repossession.
title loans and Chapter 13 bankruptcy Chapter 13 bankruptcy is a restructuring of your debts. The process includes secured debts such as car title loans and mortgages. As part of Chapter 13, some unsecured debts can be granted forgiveness. Those that are not forgiven are reorganized, and are repaid over time. «Chapter 13 allows you to create a repayment plan where you make monthly payments into the trustee. This means that at the conclusion of the repayment plan you have paid either an amount equal to the market price of the car in accordance with the date on which you filed the petition … or the total owed or lower,» says New Jersey bankruptcy attorney Edward Hanratty. As part of a Chapter 13 filing, you could also be able lower the amount of the monthly installment payment you’re required to pay in order to lower the cost of these payments. In addition, if the interest rate for the title loan is very high, you may also be able to reduce the amount of interest you pay as part of Chapter 13. Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy lawyer. While there is the risk of losing your vehicle an element of Chapter 13 bankruptcy filings, you have far more options for restructuring your debt in order to stop this from happening. Inform your lawyer of your title loan prior to filing bankruptcy through the assistance by an attorney it is essential to disclose the assets you have, along with all of your remaining debts and liabilities including your title loan. Not revealing the title loan will only cause more problems. «When you file for bankruptcy and declare — subject to the perjury penalty that you’ve listed every asset, including the car, as well as every credit, which includes the loan on your title loan,» says Rosenblum. «Also, a lawyer can’t solve the issue if they do not know it exists.» Additionally, hiding debts during a bankruptcy case could result in its dismissal. «Or in an extreme case the situation could end up resulting in prison time as a result of bankruptcy fraud» states Hanratty. «It’s safer to be secure instead of regretting it.» The main point is that car title loans can be addressed through bankruptcy, but how the debt is handled will depend on whether you’re going to pursue Chapter 7 or Chapter 13 bankruptcy. The options are having the debt restructured or repaid, paying the entire amount back or even surrendering the vehicle to the lender. Before taking any step, make sure you consult an attorney in bankruptcy who will help you sort through the options and decide on the best course of action.
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Written by a Contributing Writer
Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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