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3 minutes read. Published March 07, 2023
Written 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.
Edited by 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 through providing concise, well-studied information that break down complex subjects into bite-sized pieces.
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If you’re in debt or have to pay your bills, it can appear to be a viable option to get cash fast. However, what if your financial problems are too much to handle, and you resort to filing bankruptcy to pay off your mounting debts. What happens to the vehicle you signed over as collateral for the title loan? Based on the option you choose to decide to pursue it, it could have the possibility of including your title loan in a bankruptcy filing and have the loan be discharged or restructured in order to make payments more manageable. But you may also lose your vehicle if are unable to meet loan repayment conditions. Title loans and Chapter 7 bankruptcy Chapter 7 bankruptcy are often called liquidation. As part of Chapter 7 filing, unsecured debts can be discharged. This includes credit card debt, medical debt as well as personal loans as well as promissory notes. In the course of this procedure, your property that is not exempt is sold and the proceeds will be used to repay the creditors. A title loan, however, is not an unsecured debt; it’s a secured debt . If you take out a car title loan, you sign over your vehicle to the lender as security for that loan. In simple terms you signed that pink slip the car in exchange for some money. Since it is a secured loan the title loan cannot be removed as part of Chapter 7 bankruptcy. «Although state laws vary, typically all secured loans remain in the same position,» says Michael Sullivan who was a former personal finance consultant for Take Charge America, a non-profit credit and financial counseling company. Since the loan is still in force, you’ll need to either in its totality or negotiate an acceptable payment plan in conjunction with the lender who owns the title loan. If neither is feasible, you may also choose to . There are also instances in which the courts can permit the title loans to be considered as part of 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 is against the lending of predatory lenders, and title loans are often considered to be predatory,» says Hawkins, saying that in some instances the court may «rewrite the loan to a market rate that is based on the value of the vehicle, and have the lender accept installments over time and the borrower can keep the vehicle as a means of transportation.» The Bankrate tip
It is important to continue to make the payments before the time your bankruptcy case closes to prevent repossession.
title loans and Chapter 13 bankruptcy Chapter 13 bankruptcy is a restructuring of your debts. This procedure includes secured debts such as car title loans and mortgages. In Chapter 13, some unsecured debts can be granted forgiveness. The ones that aren’t forgiven are reorganized and have to be paid back over time. «Chapter 13 allows you to set up a repayment plan in which you pay each month to the trustee. This means that at the conclusion your repayment program,, you have paid either an amount equal to the market price of the vehicle based on the date when the bankruptcy case was initiated … or the total owed or lesser,» says New Jersey bankruptcy lawyer Edward Hanratty. As part of a Chapter 13 filing, you might also be able to lower the amount of the monthly installment payments you’re required to make in order to reduce the cost. If the interest rate on the title loan is high it is possible that you will be able to reduce the rate as part of your Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy lawyer. Although there’s the possibility of losing your vehicle an element of Chapter 13 bankruptcy filings, you have far more options to reduce your debts to stop this from occurring. Inform your lawyer of the title loan upfront When pursuing bankruptcy with the assistance by an attorney you need to disclose all your assets and also all of your current debts and obligations, such as your Title loan. In the absence of revealing the title loan could lead to more problems. «When you file for bankruptcy, you state (subject to perjury penalties — that you have included every asset, including the car, and every credit, which includes the credit card loan,» says Rosenblum. «Also the lawyer cannot solve an issue if they don’t even know that it exists.» Additionally, hiding debts during a bankruptcy case could lead to the dismissal of your case. «Or in the most extreme scenario the situation could end up resulting in jail time as a result of bankruptcy fraud» Hanratty says. Hanratty. «It’s more secure instead of regretting it.» The bottom line Car title loans are solvable by filing bankruptcy, however the way this kind of debt is handled will depend on whether you’re seeking Chapter 7 or Chapter 13 bankruptcy. The options are having the debt restructured, paying the debt back entirely or surrendering this vehicle over to the lender. Before taking any decision, you should consult an attorney for bankruptcy who can help you sort through your options and figure out the best option for you.
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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.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-studied facts that break down otherwise complicated subjects into digestible pieces.
Auto loans editor
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