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3 min read Read Published 7 March 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 from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.

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When you’re in debt or need money to pay bills, can appear like a great way to access cash quickly. But suppose your money troubles become unmanageable, and you end up filing bankruptcy to settle your obligations. How will the car you pledged to secure that car title loan? Based on the option you choose to decide to pursue it, it could become possible to incorporate your title loan as part of a bankruptcy filing and have the loan be discharged or restructured in order to make payments more manageable. You could also lose your vehicle if cannot maintain loan repayment terms. Title loans as well as Chapter 7 bankruptcy Chapter 7 bankruptcy are often referred to as liquidation. As part of Chapter 7 filing, unsecured debts are discharged. This includes medical debt and personal loans and even promissory notes. In the course of this procedure, your property that is not exempt is sold and the proceeds used to pay back lenders. A title loan, however, is not an unsecure debt, but it’s a secured debt . If you take out an auto title loan you give the car to the lender to secure the loan. In plain language, you signed over your pink slip the car to secure some cash. Because it’s secured loan, a title loan is not removed as part of Chapter 7 bankruptcy. “Although the laws of each state differ, typically all secured loans remain in force,” says Michael Sullivan, a former personal financial consultant for Take Charge America, a nonprofit credit and financial counseling agency. Because the loan is still in force, you will require to repay it in its entirety or work out an affordable payment plan with the lender who holds the title loan. If neither of these options is feasible, you may decide to . There are other instances where courts allow title loans to be dealt with 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 disfavors loans that are predatory, 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 that is based on the value of the vehicle and also have the lender receive installments over time and the borrower will be able to keep the vehicle as a means of transportation.” Bankrate tip

Be sure to keep making your payments prior to the time the bankruptcy case has ended to keep from repossession.

title loans and 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. The process of Chapter 13, some unsecured debts can be forgiven. The ones that aren’t forgiven are reorganized and must be paid back over time. “Chapter 13 permits you to make a repayment program where you pay each month to the trustee. In other words, at the end your repayment program,, you have either paid what you think is the fair value the vehicle as of the date that you filed the petition … or the total owed or 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 payments you’re required to make in order to reduce the cost. If you find that the rate of interest on your title loan is high it is possible that you will be able to lower the interest rate through your Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy attorney. Though there is still the possibility of losing your car as part of Chapter 13 bankruptcy filings, there are many options for restructuring your debt to avoid this from occurring. Talk to your lawyer about your title loan in advance when you are considering bankruptcy with the help by an attorney you need to be transparent about all your assets as well as all of your remaining debts and liabilities including your title loan. In the absence of revealing the title loan could lead to more problems. “When you file bankruptcy and declare under perjury penalties that you’ve listed every asset, including the vehicle, and each credit that you have, including that of the credit card loan,” says Rosenblum. “Also lawyers can’t fix an issue if they don’t know it exists.” Additionally, hiding the debts in bankruptcy could result in its dismissal. “Or in extreme cases, it could result in the prison sentence for bankruptcy fraud,” Hanratty says. Hanratty. “It’s better to be safe instead of regretting it.” The bottom line Car title loans can be addressed through bankruptcy, but how this type 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 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 sort through 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.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down complicated subjects into digestible pieces.

Auto loans editor

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