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3 min read Published on March 7, 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.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-researched and well-researched content that breaks down complicated topics into digestible chunks.
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If you’re struggling with financial trouble or require money to pay your bills, it can appear to be a viable option to get cash fast. But what if your money problems are too much to handle, and you end up filing bankruptcy to clear up mounting debts. What happens to the vehicle you signed over to secure the title loan? Based on the option you choose to take action, it might have the possibility of including your title loan as part of a bankruptcy filing and then have the loan be discharged or restructured in order to provide more manageable payments. However, you could lose your vehicle if cannot maintain loan repayment terms. Title loans and Chapter 7 bankruptcy Chapter 7 bankruptcy are often known as liquidation. In Chapter 7 filing, unsecured debts are discharged. This includes medical debt, personal loans and even promissory note. As part of the procedure, your property that is not exempt is sold and the proceeds will be used to pay back creditors. A title loan however, isn’t an unsecured debt; it is . If you take out an auto title loan you transfer your vehicle to the lender to secure the loan. In simple terms you signed that pink slip the car to secure some cash. Since it is secured loan the title loan can’t be removed in a Chapter 7 bankruptcy. “Although state laws vary in some cases, all secured loans remain in force,” says Michael Sullivan, a former personal financial consultant with Take Charge America, a non-profit credit and financial counseling agency. Since the loan remains in force, you’ll need to either in its entirety or work out an acceptable payment plan together with the lender who holds the title loan. If neither of these options is possible, you can decide to . There are instances where courts can allow title loans to be addressed in Chapter 7 proceedings, says Lamar Hawkins, a bankruptcy lawyer with Guidant Law and member of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission. “The bankruptcy court is against predatory lending, and title loans are commonly expensive,” says Hawkins, saying that in some instances the court may “rewrite the loan at a market rate dependent on the worth of the vehicle, and then have the lender accept regular payments, so that the borrower can keep the vehicle as the vehicle as a source of transportation.” Bankrate tip
Make sure to continue making the payments before the time the bankruptcy case is closed to avoid repossession.
title loans as well as Chapter 13 bankruptcy Chapter 13 bankruptcy is restructuring your debts, and this procedure includes secured debts like car title loans and mortgages. The process of Chapter 13, some unsecured debts can be granted forgiveness. Those that are not forgiven are reorganized and must be repaid in time. “Chapter 13 allows you to create a repayment plan where you pay money every month to the trustee. So that at the end of the repayment plan you will have paid either the fair market value of your car in accordance with the date on which the case was filed … or the amount owed or lower,” says New Jersey bankruptcy lawyer Edward Hanratty. As part of the Chapter 13 filing, you might also be able to lower the amount of the monthly installment payments you’re required to pay in order to lower the cost of these payments. If the interest rate on the title loan is high it is possible that you will be able reduce the interest rate through your Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy attorney. While there is the risk of losing your vehicle as part of Chapter 13 bankruptcy filings, there are many options to reduce your debt to stop this from happening. Tell your lawyer about your title loan in advance when you are considering bankruptcy with the help from an attorney it’s important to be transparent about all of your assets, as well as the remaining debts and liabilities which includes 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 declared every asset, which includes the vehicle, and each loan, including the credit card loan,” says Rosenblum. “Also the lawyer cannot solve a problem if they don’t be aware of the issue.” Moreover, concealing the debts in bankruptcy could result in its dismissal. “Or in an extreme case the situation could end up resulting in prison time for bankruptcy fraud,” Hanratty says. Hanratty. “It’s better to be safe rather than regretting this.” The bottom line Car title loans can be addressed through bankruptcy, but the method by which this type of debt is dealt with will depend on whether you’re seeking Chapter 7 or Chapter 13 bankruptcy. The options are having the debt restructured, paying the entire amount back or even surrendering this vehicle over to the lender. Before taking any decision, you should consult a bankruptcy attorney who can help you navigate the options and decide on the best option for you.
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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 the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing concise, well-researched and well-read information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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