More details to this question:
Hi, i have a title loan iv been paying on for over a year and with 117% intrest rate its not going down only up. Iv paid rhe principle off already and im now just drowning and caint get out of this loan because of my financial situation. I just really dont want to lose or give up my car. I have called debt consolidators and they are unable to help me with this debt, i was told nobody can. I dont have the kind of income to qualify for a personal loan or a pay day loan that could pay off this $5,000 debt. I was hit by a drunk driver in 2013thankfuly survied, unfortunately this happened in the state of michigan and i had a lawyer that didnt care about me but just only his financial benifit. I only bought for myself with my small $12,000 settlement and a lifetime of injures back, neck, knees, shoulder is a car. Im now on disability and need help. Can you please help me with some advice on how I can possably at least get help so I wont lose my car. Is bankruptcy a good option for me?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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There are different bankruptcy options that may help you, depending on when the loan was taken out, how much is owed, the value of the vehicle, and which chapter you are eligible for.
In a Ch. 13 you can always payoff the vehicle over 60 months at a lower interest rate than you are paying now.
I suggest having a consultation with an experienced bankruptcy attorney in your area to learn about your options.
Answered on Feb 06th, 2018 at 10:52 AM