QUESTION
Can I get my title back after I filed bankruptcy and my title loan was included?
Asked on Dec 20th, 2013 on Bankruptcy - Michigan
More details to this question:
I just filed chapter 13 and my car had a title loan that was included in my bankruptcy.
8 ANSWERS
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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The Title will not be handed over until all the payments have been made on the title loan and the discharged entered (assuming some type of cram-down or modification of terms of the loan). Therefore, it may be 3 to 5 years until you will receive the title to the vehicle.
Answered on Dec 24th, 2013 at 11:13 PM
2 Awards
A title loan is a secured debt. You must pay or surrender your car.
Answered on Dec 24th, 2013 at 3:33 PM
In order to retrieve your car title, you have to pay the title loan. That's why this kind of loan is considered a secured debt because the loan is guaranteed with the security of your vehicle and the title to your vehicle.
Answered on Dec 24th, 2013 at 3:33 PM
Deborah F. Bowinski
If you filed a chapter 13 then hopefully you have a lawyer guiding you. You should be asking your lawyer this question. The answer to when you might get your title back depends entirely upon how the loan is being treated in your plan. If you are continuing to pay the lender directly then the title should be returned Once the loan is paid off. If you are paying off the loan through your plan then you may not see the title until your plan is completed and you receive your discharge.
Answered on Dec 24th, 2013 at 3:33 PM
Personal Bankruptcy Attorney serving West Jordan, UT
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Robert S. Payne, Attorney at Law
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Yes. After the title loan has been paid in full by chapter 13 trustee disbursements out of your chapter 13 payments, then the title loan company needs to send you the title to your vehicle. But, you won't get the title until the loan has been paid in full out of those disbursements.
Answered on Dec 24th, 2013 at 3:33 PM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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In general, if you paid off your title loan via Chapter 13, you will receive clear title to the car once the bankruptcy is complete (discharged).
Answered on Dec 23rd, 2013 at 9:48 AM
The bankruptcy will not discharge the loan you owe on the car. The lender most likely has a security interest in the vehicle. In the event of default, the lender can repossess your car. Under bankruptcy law, you are entitled to keep 1 vehicle. You can reaffirm the car loan, continue making car payments, and keep your car. If you cease paying, the lender will eventually repossess.
Answered on Dec 23rd, 2013 at 9:34 AM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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There is not enough information to give you an answer. Was the lender secured? Was the lender paid in full, if secured? Did the lender get proper notice, either way? Did you attempt to cram down the lender? Were you able to strip the vehicle to the value of the collateral? Was the valuation and possible strip, within the time allowed in the Bankruptcy Code? Did the lender appear in the bankruptcy case? Did the lender file a Proof of Claim? Some, or possibly all, of these questions and possibly MORE are relevant. This is not a simple issue and your attorney needs to be very careful what she does.
Answered on Dec 23rd, 2013 at 9:34 AM