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3 min read Published on March 7, 2023.
Authored 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 committed to helping readers gain confidence to manage their finances with concise, well-studied information that break down complex topics into digestible chunks.
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If you're in financial trouble or require money to pay bills, can seem like a good way to get cash fast. But suppose your money troubles get out of hand and you decide to file bankruptcy to settle your debts. How will the car you signed over as collateral for the car title loan? Depending on whether you take action, it might have the possibility of including your title loan as part of a bankruptcy filing and have the loan dismantled or restructured to provide more manageable payments. However, you could lose your vehicle if you can't meet loan repayment conditions. Title loans and Chapter 7 bankruptcy Chapter 7 bankruptcy is usually called liquidation. In Chapter 7 filing, unsecured debts can be released. This includes credit card debt, medical debt and personal loans as well as promissory notes. As part of the process, the property you are not exempt from will be sold, and the proceeds will be used to repay creditors. A title loan, however, is not an unsecure loan; it's a secured debt . If you take out a car title loan you transfer your vehicle to the lender as security for the loan. In plain English you signed that pink slip the car in exchange for some money. Since it is a secured loan the title loan cannot be dismantled as part of Chapter 7 bankruptcy. "Although states have different laws, typically the majority of secured loans remain in the same position," says Michael Sullivan who was a former personal financial consultant with Take Charge America, a non-profit financial and credit counseling company. Because the loan remains in force, you'll have to pay it in totality or negotiate an affordable payment arrangement with the lender who owns the title loan. If neither option is available, you can decide to . There are instances where courts permit title 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 disfavors loans that are predatory, and title loans tend to be precarious," says Hawkins, adding that in some cases the court may "rewrite the loan at a market rate that is based on the value of the vehicle and have the lender receive installments over time in order that the borrower can keep the vehicle and keep an option for transportation." Bankrate tip
It is important to continue to make your payments prior to and after your bankruptcy case closes to keep from repossession.
Title loans as well as Chapter 13 bankruptcy Chapter 13 bankruptcy is a restructuring of your debts. The process also includes secured debts, like car title loans as well as mortgages. The process of Chapter 13, some unsecured debts could be granted forgiveness. Those that are not forgiven are reorganized and must be repaid in time. "Chapter 13 permits you to create a repayment plan where you pay each month to a trustee. So that at the end period of repayment,, you have either paid the fair market value of the vehicle as of the date that when the bankruptcy case was initiated ... or the amount owed or lesser," says New Jersey bankruptcy lawyer Edward Hanratty. As part of a Chapter 13 filing, you may also be able to lower the amount of the monthly installment payments you have to make in order to make them more affordable. In addition, if you find that the rate of interest on your title loan is very high, you may also be able reduce the interest rate through your Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy lawyer. Although there's the risk of losing your car as part of Chapter 13 bankruptcy filings, you'll have a lot more options to reduce your debt to avoid this from happening. Talk to your lawyer about your title loan in advance when you are considering bankruptcy through the assistance by an attorney it is essential to disclose all your assets as well as the outstanding debts and liabilities, including your title loan. Not revealing your title loan will only cause more difficulties. "When you file bankruptcy in bankruptcy, you declare (subject to the perjury penalty that you've included every asset, including the car, and every debt even that of the loan on your title loan," says Rosenblum. "Also the lawyer cannot fix a problem if they don't know it exists." Moreover, concealing debts during a bankruptcy case could lead to the dismissal of your case. "Or in extreme cases, it could result in prison time for bankruptcy fraud," states Hanratty. "It's more secure than sorry about this." The bottom line Car title loans can be addressed through bankruptcy, but how 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 the vehicle to the lender. Before you take any decision, you should consult an attorney for bankruptcy who can help you navigate your options and figure out 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 the confidence to take control of their finances with clear, well-researched facts that break down otherwise complicated subjects into digestible pieces.
Auto loans editor
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