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Are titles loans considered bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and financial tools, publishing original and objective content. This allows you to conduct research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation may impact how and where products are displayed on this website, for example for instance, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our loans, mortgages,, and other home loan products. But this compensation does affect the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be available to you.

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3 minutes read. Published 7 March 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 the end of 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-studied information that breaks down complicated subjects into bite-sized pieces.

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If you’re struggling with financial trouble or require money to pay for bills, bankruptcy may appear like a great way to get cash fast. However, what if your financial problems are too much to handle, and you resort to filing bankruptcy to settle your debts. Which happens to your car you pledged to secure the car title loan? Depending on whether you decide to pursue it, it could be possible to include your title loan as part of a bankruptcy filing and then have the loan dismantled or restructured to provide more manageable payments. However, you could lose your vehicle if you cannot maintain loan repayment terms. Title loans as well as Chapter 7 bankruptcy Chapter 7 bankruptcy is usually called liquidation. As part of Chapter 7 filing, unsecured debts can be released. This includes medical debt, personal loans and even promissory note. As part of the process, the property you are not exempt from will be sold, and the proceeds used to pay off creditors. A title loan, however, isn’t an unsecure loan; it’s a secured debt . If you are able to borrow money with a car title loan you give the car to the lender to secure the loan. In simple terms you signed the pink slip to the car to secure some cash. Since it is a secured loan the title loan can’t be discharged in a Chapter 7 bankruptcy. « Although state laws vary in some cases, all secured loans remain in existence, » says Michael Sullivan who was a former personal finance consultant with Take Charge America, a non-profit financial and credit counseling company. Because the loan is still in force, you will have to pay it in totality or negotiate an acceptable payment plan together with the lender who owns the title loan. If neither option is feasible, you may decide to . There are other situations where the courts will allow title loans to be considered 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 does not like predatory lending and title loans are often considered to be precarious, » says Hawkins, saying that in some instances the court can « rewrite the loan to market rates based upon the value of the vehicle and have the lender accept payments over time in order that the borrower will be able to keep the vehicle and keep an option for transportation. » Tips for banks

Be sure to keep making the payments before and after your bankruptcy case closes to prevent repossession.

Title loans or Chapter 13 bankruptcy Chapter 13 bankruptcy is a restructuring of your debts. This process also includes secured debts, like car title loans as well as mortgages. As part of Chapter 13, some unsecured debts may even be granted forgiveness. The ones that aren’t forgiven are reorganized and must be paid back in time. « Chapter 13 lets you make a repayment program where you pay each month into a trustee. So that at the end period of repayment, you have paid either the fair market value of the car based on the date the case was filed … or total owed, whichever is lower, » says New Jersey bankruptcy attorney Edward Hanratty. As part of the Chapter 13 filing, you may also be able to lower the amount of the monthly installment payment you’re required to make to make them more affordable. In addition, if the interest rate on the title loan is very high it is possible that you will be able reduce the amount of interest you pay as part of the Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy attorney. Though there is still the possibility of losing your car as an element of Chapter 13 bankruptcy filings, you have far more options for restructuring your debt in order to stop this from happening. Talk to your lawyer about the title loan in advance when you are considering bankruptcy through the assistance by an attorney it’s important to disclose all of your assets, as well as all outstanding debts and liabilities, such as your Title loan. In the absence of revealing the title loan can lead to further difficulties. « When you file for bankruptcy, you state — subject to the perjury penalty — that you have listed every asset, including the car, as well as every debt even the credit card loan, » says Rosenblum. « Also, a lawyer can’t fix a problem if they don’t even know that it exists. » Additionally, hiding financial obligations during bankruptcy could lead to the dismissal of your case. « Or in an extreme case this could lead to jail time for bankruptcy fraud, » Hanratty says. Hanratty. « It’s better to be safe instead of regretting it. » The final word: Car title loans are solvable by filing bankruptcy, however the way this kind of debt is dealt with will depend on whether you’re pursuing Chapter 7 or Chapter 13 bankruptcy. There are options to have the debt restructured or repaid, paying the total debt or transferring your vehicle back to lender. Before you take any action, consult with an attorney for bankruptcy who can assist you in navigating the options and determine 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 from late 2021. They are committed to 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 subjects into digestible pieces.

Auto loans editor

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