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Are title loans considered bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for no cost to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site are from companies that compensate us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they appear within the listing categories, except where prohibited by law. Our loans, mortgages, and other home loan products. But this compensation does not influence the content we publish or the reviews you see on this site. We do not cover the universe of companies or financial deals that could be available to you.
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3 minutes read. Published March 07, 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.
The edit was done 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 confidence to manage their finances with clear, well-researched information that break down complex subjects into bite-sized pieces.
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If you're struggling with debt or need money to pay for bills, bankruptcy may appear like a great way to get cash fast. However, what if your financial problems get out of hand and you end up filing bankruptcy to pay off your mounting obligations. What happens to the car you pledged to secure the car title loan? Depending on whether you take action, it might have the possibility of including your title loan in bankruptcy filings and get the loan be discharged or restructured in order to provide more manageable payments. But you may also lose your vehicle if you can't meet loan repayment conditions. Title loans as well as Chapter 7 bankruptcy Chapter 7 bankruptcy is usually referred to as liquidation. In Chapter 7 filing, unsecured debts can be released. This includes medical debt as well as personal loans and even promissory note. As part of the process, your nonexempt property will be sold, and the proceeds will be used to repay the creditors. A title loan however, is not an unsecured debt; it's an unsecured debt . When you borrow money through the title of your car loan you transfer your vehicle to the lender as security for that loan. In plain English you have signed the pink slip to the car to secure some cash. As a secured loan, a title loan is not removed under 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 for Take Charge America, a nonprofit credit and financial counseling agency. Since the loan is still in force, you'll have to pay it in whole or come up with an acceptable payment arrangement with the lender who owns the title loan. If neither is feasible, you may also choose to . There are situations where the courts will permit titles loans to be addressed 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 the lending of predatory lenders, and title loans are commonly precarious," says Hawkins, noting that in certain cases the court can "rewrite the loan to a market rate based upon the value of the vehicle and then have the lender be able to make regular payments and the borrower can keep the vehicle as a means of transportation." Tips for banks
It is important to continue to make your payments prior to and after the bankruptcy case has ended to avoid repossession.
(image: http://2.bp.blogspot.com/-it5ohWPX1_I/UqCRcvY9pxI/AAAAAAAAADk/Ubppm2H4loc/s1600/instantapprovalloans-header.png)title loans and Chapter 13 bankruptcy Chapter 13 bankruptcy is restructuring your debts. The process includes secured debts like car title loans, and even mortgages. The process of Chapter 13, some unsecured debts could be granted forgiveness. The ones that aren't forgiven are reorganized, and are repayable over time. "Chapter 13 permits you to make a repayment program where you pay each month to a trustee. So that at the end of the repayment plan you will 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 amount owed or less," says New Jersey bankruptcy lawyer Edward Hanratty. As part of the Chapter 13 filing, you could also be able reduce the amount of monthly installment payments you're required to make in order to make them more affordable. If the interest rate on the title loan is very high it is possible that you will be able reduce the rate as part of your Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy attorney. While there is the risk of losing your vehicle as an element of Chapter 13 bankruptcy filings, you'll have a lot more options to reduce your debt to stop this from happening. Talk to your lawyer about your title loan prior to filing bankruptcy through the assistance from an attorney you need to be transparent about all of your assets, as well as all of your outstanding debts and liabilities, including your title loan. In the absence of revealing the title loan will only cause more challenges. "When you file for bankruptcy, you state (subject to the criminal penalty of perjury that you've declared every asset, which includes the car, and every loan, including your title loan," says Rosenblum. "Also the lawyer cannot solve the issue if they do not be aware of the issue." Moreover, concealing financial obligations during bankruptcy could lead to the dismissal of your case. "Or in the most extreme scenario, it could result in jail time in bankruptcy for fraud" says Hanratty. "It's more secure rather than regretting this." The bottom line Car title loans are solvable through bankruptcy, but the method by which this kind of debt is handled will depend on whether you're pursuing Chapter 7 or Chapter 13 bankruptcy. The options are having the debt restructured or repaid, paying the entire amount back or even surrendering this vehicle over to the lender. Before you take any step, make sure you consult an attorney for bankruptcy who can help you navigate the options and decide on the best course of action.
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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.
The edit was done by 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 by providing concise, well-researched and well-read facts that break down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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